RSA, one of the largest UK commercial insurers, has expanded its cyber protection to provide standalone, comprehensive worldwide cover of up to £25 million in capacity.
The new cover is an evolution of its existing cyber product for small and medium-sized enterprises and offers a Deloitte-supported, detailed cyber risk assessment for companies that need assistance identifying and reducing their exposure.
This kind of preemptive support could vastly improve a company’s cyber security posture and diminish the extent to which it is vulnerable to attack.
The cover also includes a 24-hour incident response service, delivered in partnership with Crawford & Company, that provides IT forensic investigations, regulatory and data subject notification, legal advice, reputational and PR management
“Our cyber offering delivers comprehensive cyber protection for large companies in response to the clear growth in demand for comprehensive solutions that protect their assets, reputations and balance sheets when the worst happens,” said Nigel Pearson, group Cyber Director at RSA.
Standard cover includes data liability and network security liability; multimedia liability; regulatory costs; fines and penalties; cyber business interruption and contingent business interruption; payment card industry expenses; cyber extortion and payment diversion fraud; breach response including notification costs, and IT forensic costs.
“High-quality cyber hygiene is absolutely essential for any business and can reduce the likelihood of a cyber event,” said Andrea Garcia-Beltran, UK & International cyber underwriting Manager at RSA.
“Good risk management including pre and post incident services, supported by a comprehensive cyber insurance policy, is essential in today’s rapidly evolving landscape.”
Andrew Johnson, Cyber Partner at Deloitte, commented, “Delivering a robust risk assessment to commercial customers in collaboration with RSA ensures their customers can take measures to minimise the risks they face and avoid costly claims arising from cyber breaches.”
“Deloitte provides world leading cyber consultancy services and helps successful businesses all over the world deal with, respond to and recover from cyber crisis.”
Paul Handy, head of cyber & technology risks of Crawford & Company, added, “Working with our longstanding partner to deliver 24/7 incident response service ensures that customers are fully supported in the event of an actual or suspected cyber breach.”
“We know that dealing with incidents quickly is a key part of helping businesses recover and get back on their feet.”