21 July 2016 Insurance

BHSI introduces cyber liability insurance in Australia

Berkshire Hathaway Specialty Insurance (BHSI) has initiated cyber liability insurance in Australia and appointed Emma Osgood as head of cyber liability in the region.

Osgood has had 17 years of insurance industry experience, prior to her appointment with BHSI. Before BHSI she was the national cyber liability and PI manager at AIG Australia. Prior to that, she worked at a number of broking houses in the UK, including Alexander Forbes and Health Lambert.

BHSI is engaging with the mid to large tier market segment and will adapt solutions for a broad spectrum of risks varying from technology enterprises and financial institutions, to law firms and heathcare providers.

As well as coverage for business interruption and third party liabilities arising from a data breach and rectification costs, BHSI’s new cyber liability policy covers emergency response costs incurred by policyholders using BHSI’s previously selected breach response team.

BHSI is merging into a business relationship with Symantec, a global cyber security leader, to offer incident response services to policyholders.

Symantec has an extensive database of Internet threat data intelligence and monitors threat activity in over 157 countries, so it can help companies to quickly spot, contain and remediate a breach incident.

“Knowing that an immediate and strategic response is critical to the effective management of a breach, we paired our coverage with the services of a market-leading team to help our insurers respond most effectively to an incident,” said Cameron McLisky, manager of executive an professional lines at BHSI Australia.

“Our new cyber liability insurance is backed by the financial strength of BHSI – and the strength of a proven breach response team.”

Osgood said: “Our comprehensive breach response solution provides policyholders with immediate access to a team of experts to help them respond skillfully to an actual or suspected data breach.

“Policyholders have access to legal experts to help them navigate their responsibilities following a breach, forensic IT services to identify and contain a breach, and public relations and credit monitoring firms to manage the reputational damage that can accompany an incident.”

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