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Tokio Marine Kiln (TMK), which has been underwriting cyber insurance at Lloyd’s since 2003, is hitting two birds with one stone with its new product for businesses.
Called “Cyber Ctrl,” the insurance and services policy not only helps mitigate risk but also provides access to General Data Protection Regulation (GDPR) consultancy. The global specialist insurer has partnered with intelligence experts XCyber® and Sytorus for the offering.
The XCyber® aspect of the product features an intelligence-based critical alert service which detects, analyses, and reports on any cyberattack planning. It identifies where clients’ key employees may be susceptible to threats such as social engineering or blackmail.
Meanwhile the GDPR-centric service provided by Sytorus will help policyholders maintain the mandatory logs for the new data breach regulations. It allows automated privacy impact assessments, and data protection experts will also be on hand to provide guidance.
“Malicious cyberattacks are becoming increasingly sophisticated and common, and no business is immune,” said TMK head of enterprise risk Laila Khudairi. “Pre-empting the damage that can be caused by hackers and ensuring clients have the financial and practical support needed to deal with an attack or a breach is critical.”
The comprehensive policy includes broad business interruption cover, as well as protection against reputational harm. Limits are up to $25 million or €25 million.
