16 March 2015 Insurance

Zurich launches cyber protection policy

Zurich has launched a cyber-protection policy with a global breach response service, designed to help companies face cyber risks.

The policy, ‘Security and Privacy’, has been specifically developed to cover first party exposures as well as cover for third party liabilities and includes a new cover to provide loss of income following a data breach or damage to reputation.

Research by Zurich highlighted that outside of the US, global companies main cyber concern was their first party exposures as a result of a breach rather than their potential liabilities.

The policy also includes a global breach response service called DigitalResolve. Following a breach, Zurich clients will be provided with a single dedicated incident manager, with 24/7/365 availability to manage the resources needed to recover from a damaging cyber event.

Jeremy Smith, head of technology, security and privacy at Zurich, said: When we set out to develop a security & privacy policy we were keen not to follow the status quo and look to provide cover and services that we believed matched our customer’s needs. Our experience showed us that the majority of cyber polices out there focused on privacy and network security liability.

“Although the liability landscape is changing, so far we have not yet seen liabilities emanating out of data breaches. This is simply a feature of the US market place and holds little relevance here. On this basis historically the only really meaningful and transferable part of a data breach was privacy breach costs.

“After studying all the component costs of a data breach the major cost component that was not being transferred by insurance was the loss in revenue or customer churn following a data breach and this is what we are now looking to include. The other area that we were keen to develop was the breach response offering. DigitalResolve is a truly global end-to-end, integrated breach response solution involving an ecosystem of vendors to assist global organisations following a breach.”

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