Ensurance UK Limited, a managing general agent (MGA) and Lloyd’s Coverholder, has announced that it plans to target the construction sector with a new cyber insurance product, backed by global specialty insurer Beazley.
Ensurance has been appointed as a distributor for the new product, which is designed to minimise business disruptions caused by a cyber-attack or data breach and facilitate faster recovery following an incident.
The product will be available to any policyholder responsible for handling customer data, Ensurance explained, and will provide access to Beazley Breach Response, as well as coverage for first and third-party liability, cyber extortion, data protection loss and business interruption.
Tim James, Chief Executive Officer (CEO) of Ensurance UK, explained: “The policy is supported by a dedicated team of experienced cyber breach professionals who assist policyholders at every stage of incident investigation and breach response.
“They co-ordinate the carefully vetted forensics experts and specialist lawyers to help establish what’s been compromised, assess responsibility, and notify those individuals affected. In addition, the support team manage credit or identity monitoring for customers and crisis communications.”
Almost half of all UK business identified at least one cyber-securitiy breach or attack in the past 12 months, according to data from the Department for Culture, Media and Sport’s 2017 cyber-security breaches survey.
These figures rose to 66% for medium sized companies and 68% for large companies, Ensurance noted.
“Beazley has been at the forefront of defending clients against claims arising from cyber breaches in a rapidly evolving legal environment,” James continued. “As a specialist in construction, we understand the risks firms in this sector face with the data they hold and the potential impact on their business from any form of cyber security breach or attack.”
“We have responded with a comprehensive product supported by Beazley that will offer flexibility on coverage and limits supported by excellent capacity,” he added.
