Canopius launches new cover to tackle silent cyber gap

Global specialty re/insurer Canopius has unveiled a new set of cyber property products for medium to large corporations across all sectors to address the issue of ‘silent cyber’.

Canopius said that it has created the product suite based on an established rating model that combines historical data from the property market with cyber expertise. It aims to protect clients against risks associated with the reliance on technology, expanding 5G coverage and an increase in automation, connected buildings and the use of IoT.

Camilla Walker, cyber underwriter at Canopius, said: “The products available from Canopius deliver bespoke coverage to clients that provide clarity and tackle the complexities created by the removal of cyber coverage from their traditional property insurance policies. The range of products means Canopius can continue to address clients’ exposures as they evolve, whether that be due to a business change or the application of further, or different, cyber exclusions within other insurance products.”

Matt Northedge, global head of cyber at Canopius, said: “Regulatory intolerance for ‘silent cyber’ plus hardening property rates has created a cyber property coverage gap. These products endeavour to define this silence to help clients carve some of that back. It also mitigates against a multitude of potential risks stemming from the increased reliance on technology and automation across organisations’ computer networks.”