Tokio Marine Kiln (TMK) has launched a new insurance and services policy in conjunction with intelligence experts XCYber and Sytorus, which will protect clients from cyber-attacks and offer consultancy on the European Union’s (EU) General Data Protection Regulation (GDPR), which comes into effect in May.
The new product, called Cyber Ctrl, was developed in response to an overwhelming demand for comprehensive cyber coverage and prevention services, and offers businesses specialist breach preparation and threat monitoring services.
Offered in partnership with ex-Government intelligence experts XCyber, Cyber Ctrl detects, analyses and reports on any cyber-attack planning that it discovers and identifies where employees may be vulnerable to social engineering or blackmail, sending monthly summaries of relevant cyber activity and alert notices to policyholders.
Additionally, TMK have collaborated with data protection specialists Sytorus to give Cyber Ctrl policyholders access to GDPR consultancy, in preparation for the EU’s regulatory changes in May 2018.
The service will use Sytorus’ PrivacyEngine tool to help clients maintain mandatory logs, identify risks, conduct automated privacy impact assessments, and provide support for training staff, as well as offering real-time guidance from data protection experts on best practice, policy guidance and practical implementation.
TMK’s offering also covers a number of risks that are often overlooked in cyber policies, such as reputational harm cover, which considers PR costs and loss of customers following the media fallout of a cyber incident.
Cyber Ctrl will also offer Broad Business Interruption cover, outsourced IT providers, limits of up to $25 million or €25 million, and will cover administrative errors as a standard trigger.
Laila Khudairi, Head of Enterprise Risk at TMK, said: “Malicious cyber-attacks are becoming increasingly sophisticated and common and no business is immune.
“Pre-empting the damage that can be caused by hackers and ensuring clients have the financial and practical support needed to deal with an attack or a breach is critical. Our chosen partners offer critical services irrespective of your industry.”
