Endeavour Insurance Services, a Delegated Authority Specialist and Lloyd’s Broker, has launched a new cyber security product that protects manufacturers from physical damage related to cyber attacks.
The new programme, called Ensconce, targets new risks that are arising out of increasingly automated manufacturing processes and the internet of things (IOT), which offer manufacturers increased efficiency and convenience, but also expose crucial hardware to cyber threats.
As well as covering standard cyber areas like first and third party liability, data breach clean-up, and social engineering loss, Ensconce also covers innovative malicious attack risks like remote access to production lines, property damage, system failure, business interruption, reputational harm, fines and penalties, and IP theft and extortion.
Endeavour developed Ensconce for the North American market, although the product will also be made available worldwide, and have targeted it at mid-market manufacturing, real estate, hospital, hotel, infrastructure and municipal clients that have cyber exclusions on their property insurance.
The minimum premium for risks placed through Ensconce is $15,000, and all risks are placed 100% at Lloyd’s in the London Market.
David Price, Divisional Director of Endeavour Insurance Services, 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.”
Ensconce affirms Endeavour’s strategy of seeking out uncovered risks and meeting client demand, and complements Endeavour’s existing cyberEIS online cyber risk placement and binding initiative.