London-based EmergIn Risk, part of RSG Underwriting Managers (RSGUM), has launched today with an initial £20 million facility to write a full range of products and services to offset the financial and operational implications of data thefts, corruptions and systems outages.
Peter McKenna, who leads RSGUM’s managing general agent (MGA) strategy in EMEA, said the £20 million of Lloyd’s capacity would enable the EmergIn Risk team to assist global companies, including Fortune 1000 firms across the globe, to protect themselves against exposure to system and network interruptions, data corruption or theft, as well as system and data extortion, digital media liability and computer crime.
McKenna said: “Companies today are driven by data and technology, but unfortunately, data has become a form of virtual currency that is traded for criminal exploits or even extortion purposes.
“Malicious parties use sophisticated strategies for infiltrating and taking control of corporate networks and data. Undetected, these breaches have the potential to seriously jeopardise commercial production and cause material operational and financial complications.”
Jamie Bouloux, chief executive officer of EmergIn Risk, added: “We are coming to market with a line of comprehensive cyber products with a focus on 1st party loss associated with the non-physical exposure to business enterprise risk.
“We are 100 percent Lloyd’s backed, offering AM Best “A” rated paper, and our global service capabilities are backed by best-in-class vendor solutions, including IT, legal, breach response, forensic remediation and accounting services.”
Bouloux said that although cyber exposures within traditional insurance have been hard to model, and unusually systemic, the same holds true for their client’s as they look to map these exposures too.
He added: “EmergIn Risk illustrates that the cyber insurance industry has moved on from ‘umbrella’ style insurance products to looking at developing solutions which integrate an understanding of our clients’ core enterprise strategy and how technology helps drive process for ultimate delivery.
“This approach allows us to work with our clients to develop a balance of differentiated products and services which we are able to deploy to ensure our clients are protected from cyber exposures.”