The ever-expanding importance of cyber insurance has been emphasised today as another insurance brokerage giant decides to get in on the act with a new product.
Marsh has launched
Marsh CyberShield, a cyber risk and data breach insurance policy that is designed for mid- to large-sized companies. It will be available globally to clients outside the US, with as much as £500 million available to cover risks associated with breaches and other cyber incidents.
According to David Arnold, cyber, media & technology risks team leader in Marsh’s financial and professional practice, CyberShield will offer clear wording and give clients access to 24/7, 365 day a year crisis response services.
“From operational or system errors, to nation state hackers, hacktivists, and organised crime, businesses are now being subjected to an unrelenting onslaught of cyber risks,” he said. “Marsh CyberShield can help form part of a robust risk management strategy to protect clients from increasingly stringent regulation and the financial and reputational fall-out of a cyber incident.”
Some of the standard features of the policy include:
As standard, Marsh CyberShield includes cover for:
- Liability to third parties, defence costs and regulatory fines in relation to data breaches; breaches of data protection legislation, including the EU’s General Data Protection Regulation; breaches of confidentiality agreements; network hijacking; and virus transmissions.
- Business interruption losses stemming from network interruption security failures, system failures, or operational errors.
- ‘Content injury’ liability to third parties and defence costs associated with publishing, broadcasting and/or advertising activities, and website content and/or functionality.
- Payment of extortion demands.
- Payment card industry (PCI) data security standards fines and assessments.
