2 April 2015 Insurance

CNA Hardy restructures cyber coverage

CNA Hardy has revamped its cyber offering following an increase in the severity and frequency of cyber attacks.

Speaking to Intelligent Insurer, Scott Sayce, European underwriting director of technology and cyber risks at CNA Hardy, said that the cyber market is now unrecognisable from 15 years ago.

“Recent statistics suggest that in 2014, one billion data records were lost or stolen. That’s 32 records every second. Businesses are continuously embracing new technology and the big data marketplace is expected to become a $125 billion marketplace in 2015. We, as an industry, need to keep up with this,” said Sayce.

“We’ve rewritten our entire cyber product offering based on this current phase of the market. The approach we’ve taken is holistic: we’ve studied the insurance market, spoken to IT security professionals and lawyers, and listened to what our brokers and clients want.”

The coverage, which is launching in the UK this week, will be rolled out across France, Germany, Belgium, Denmark and the Netherlands in the coming months.

CNA Hardy revealed a number of appointments have been made in connection with the offering. Cylian Landres joins as an underwriter in France, while Simon Browning joins as an underwriter in London. Aziz Bouddour has been appointed as risk controller, based in Paris.

“One of our clients’ main concerns has been the long winded wordings of contracts. Based on this, we cut our first and third party coverage wording down to 25 pages of plain English,” explained Sayce.

CNA Hardy’s new coverage also goes one step further in the cloud environment: it will cover data stored with a third party cloud provider. Sitting alongside the product is the 24/7 response service provided by RPC, which includes legal, IT forensics, crisis management PR and credit monitoring advice.

Sayce added: “I’m incredibly proud of our innovation in property damage coverage. The majority of coverages have wide exclusions in this area, but we want to protect our clients in the case of physical stock damage.”

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