RSA extends cyber cover to include large, global businesses
The new offering, which is an evolution of its existing cyber product for SMEs, has been designed to help companies by providing comprehensive cover, assistance with risk assessment, and provision and management of the post event services that a company needs following a cyber attack.
Cyber Protection from RSA now provides standalone, comprehensive worldwide cover of up to £25 million in capacity, assistance with cyber risk management and a 24-hour incident response service, delivered with Crawford and Company.
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, IT forensic costs credit monitoring costs (see product brochure for full list of response costs)
- reputational and crisis management expenses
- mitigation and emergency costs and expenses
Another party of the offering includes a cyber risk assessment, supported by Deloitte, to help companies identify and reduce potential cyber risks as part of their own risk management process.
Nigel Pearson, group cyber director at RSA, said: “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.
“Public awareness of the risk that cyber threats pose is being driven by several factors including new legislation such as the General Data Protection Regulation (GDPR), high profile breaches, increasing focus on CEOs and boards to be aware of cyber protection and planning, and an increasing reliance on IT by businesses in all sectors.”
Andrea Garcia-Beltran, UK & International cyber underwriting manager at RSA, said: “High-quality cyber hygiene is absolutely essential for any business and can reduce the likelihood of a cyber event. Good risk management including pre and post incident services, supported by a comprehensive cyber insurance policy, is essential in today’s rapidly evolving landscape.
”As well as working with future clients to find solutions to support their cyber resilience strategies, it’s exciting to be able to offer our existing multinational customer base a platform to consolidate their coverage with an insurer they already have confidence in.”
Andrew Johnson, cyber partner at Deloitte, said: “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, said: “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.”