XL Group has launched a new cyber liability insurance product in Brazil, which includes professional indemnity coverage for technology firms operating in the country.
The product aims to address technology companies’ increasing need for more robust professional indemnity cover in Brazil, XL said.
Gustavo Galrao, XL’s head of international financial lines in Brazil, said: “Brazil's large online population of 88.5 million people – more than 40 percent of the population – makes technology companies a big target for data breach. The combination of more sophisticated criminals and stricter data breach laws leaves these businesses facing increasing financial and reputational exposure. Our new product offers technology companies the broad coverage they need under one, easy-to-read policy form.
“We’re eager to work together with our technology-focused clients and XL Group’s expert industry consultants to analyse and map the client’s computer systems, helping them improve their data protection systems as a first step in helping prevent loss.”
According to Symantec’s internet security threat report 2014, the global average of malicious websites blocked each day rose by 22.5 percent from approximately 464,100 in 2012 to 568,700 in 2013. Brazil ranks in the top ten of all the report’s studies of malicious cyber activities, including malicious code, spam zombies, phishing hosts, bot-infected computers, network attack origins and web-based attack origins.
Renato Rodrigues, XL’s country manager in Brazil, added: “With the legal consequences of the recently enacted Marco Civil da Internet, technology companies need the right insurance solution to cover these emerging risks. We’re excited to bring an innovative product like Cyber and Professional Indemnity to the Brazilian technology sector. With our in-depth knowledge and long-term expertise in this area, we can add long-term value and support our clients and brokers to move their business forward.”
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Gustavo Galrao, Brazil, Latin America, XL Group, Renato Rodrigues, Cyber