Endeavour targets coverage gap with new cyber security offering
Lloyd’s Broker Endeavour Insurance Services has launched a new cyber security coverage programme that aims to fill a gap in the market covering manufacturers from the risk of physical damage caused by cyber-attacks.
The new Ensconce offering provides coverage in instances of remote access to a client’s production line, property damage to a facility, system failure and business interruption due to a malicious cyber-attack, in addition to standard cyber areas such as third-party liability, first party liability, data breach clean up, and social engineering loss.
The product will also cover reputational harm, fines and penalties resulting from a cyber-attack, as well as IP theft and extortion. It is primarily targeted at mid-market manufacturing, real estate, hospital, hotel, infrastructure and municipal clients that have cyber exclusions on their property insurance, the company said.
The cover has been developed for companies in the US and Canada but is available worldwide. The minimum premium for risks placed through Ensconce is $15,000, and all risks are placed 100 percent at Lloyd’s in the London Market.
Endeavour divisional director David Price said: “Cyber security breaches are already costing manufacturing companies millions of dollars, causing loss of productivity and IP, resulting in ransomware payments and fines as well as potential physical damage to a facility.
"Manufacturers and infrastructure companies are facing highly targeted attacks on an almost daily basis. From the Stuxnet computer worm attack which damaged critical Uranium enrichment facilities, to the NotPetya attack in the USA which disrupted production of a large pharmaceutical’s medicines and vaccines, property damage and business interruption are all well-established components of the arsenal of malicious hackers.”
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