5 September 2014 Insurance

Marsh launches $300m+ cyber coverage

Broker Marsh has launched a new cyber insurance policy offering limits of more than $300 million in coverage, above a minimum $100 million self-insured retention.

The policy will provide catastrophic protection for large companies seeking to better manage the growing threat of a cyber-related data disruption or unplanned technology outage, said Marsh.

Marsh added that the policy, Cyber-CAT, provides coverage over and above what standard cyber insurance policies offer including physical property damage resulting from a system failure.

“The costs associated with a major cyber-event or technology disruption can run into the hundreds of millions of dollars for large companies – even those with little to no ‘typical’ privacy exposure,” said Bob Parisi, Marsh’s network security and privacy practice leader.

“While many of these larger companies have sought protection from the cyber insurance market, coverage to date has often been insufficient. With Cyber-CAT, Marsh is able to offer the largest companies access to enhanced levels of coverage for the catastrophic data and technology risks they face, while also allowing them to manage the risk in a manner consistent with how they approach other operational risks.”

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