’Our new extension recognises that cyber events disrupt not only an organisation’s own systems, but also the wider commercial relationships on which they depend,’ says president
Rokstone has launched a customer and supplier supply chain disruption extension through its newly created Athena cyber division.
The Aventum-owned MGA said the product is backed by $10m (£7.4m) of A rated Lloyd’s capacity and has been designed to address growing concerns around cyber-related supply chain disruption.
According to Rokstone, the extension differs from traditional contingent business interruption cover by responding when a cyber attack affecting a key supplier prevents an insured from operating, or when an incident involving a major customer prevents them from purchasing an insured’s goods or services.
Debbie Hobbs, president and head of cyber at Rokstone Athena, said: “We’re out of the starting blocks and already winning the race when it comes to delivering the modern cyber protection businesses need.
”Our new extension recognises that cyber events disrupt not only an organisation’s own systems, but also the wider commercial relationships on which they depend. This is particularly true of SME’s, who are generally less able to limit the impact of third party incidents.”
Supply chain resilience
Research cited by Rokstone suggests that 61% of organisations have experienced a supply chain breach, with almost a third of affected firms reporting operational disruption, financial losses or regulatory penalties.
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Rokstone said the extension forms part of its strategy to develop specialist cyber propositions for evolving risks.
Hobbs added: “Rokstone Athena is proud to take the lead in addressing this issue and helping businesses worldwide enhance supply chain resilience.”
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