Travelers strengthens cyber insurance offering for UK & Ireland

Property/casualty insurer Travelers Europe has expanded its cyber insurance product to provide more coverages and risk management solutions to organisations of all sizes in the UK and Ireland.

New coverages include betterment - the cost of purchasing new hardware, software or subscription-based services after a breach in order to eliminate system vulnerabilities, social engineering fraud, vendor or client payment fraud, and reputation harm.

Travelers CyberRisk will now also provide access to pre-breach services such as cyber resilience readiness assessments and cybersecurity awareness training via Symantec, as well as incident response plans, claim examples, white papers and employee training guides.

Travelers has operated in Europe through its UK insurance company, through Lloyd’s and more recently through its Ireland-based insurance subsidiary.

Davis Kessler, head of cyber for Travelers Europe, said: “Our cyber product has always been more than just an insurance policy, with features such as access to experts who can help our customers navigate the stressful experience of a cyber event. Based on our constant review of the evolving cyber landscape, as well as insights from our broker partners and policyholders, we strengthened our leading cyber product to create the most comprehensive solution in the marketplace.”