New coverages for GDPR, reputational risks and pre-breach services available from Zurich’s new offering
Zurich has today launched its new version of its cyber insurance policy.
Updating on its Security and Privacy protection, the new policy brings together coverages previously available only through endorsements and allows customisation to meet each business’ unique needs.
Pre-breach services will now be provided, also, something Zurich says makes it the first insurer to offer these services.
Mark Bannon, head of Zurich’s Cyber Liability within EMEA said: “Cyber risks continue to be one of the biggest issues impacting UK businesses – not to mention the economy. It is therefore vital that Zurich continues to be at the forefront of this critical issue.
”We’re driving innovation with our new enhanced cyber insurance and cyber risk services offering to bring resilience and certainty to our customers in the face of the evolving cyber threat.”
The new policy features coverages previously not offered:
- Affirmative GDPR and PCI wording - for regulatory proceedings, assessments, fines and penalties associated with the enforcement of GDPR and Payment Card Industry (PCI)
- Reputational damage coverage - for reputational damage associated with an adverse media event resulting from a cyber breach
- Social Engineering Fraud Transfer Coverage - for funds lost from a social engineering fraud event
- System Failure and Dependent System Failure coverages – for the failure of a system or the failure of a service provider’s system resulting in a business interruption
- Voluntary shutdown and crypto-mining
With the launch of the new policy, Zurich says it becomes the first insurer to include network security monitoring and pre-breach services as part of its cyber insurance policy.
“Businesses must adopt a mindset of resilience rather than just protection,” said Gerry Kane, head of Zurich’s cyber risk engineering team. “It is part of our responsibility to encourage a culture of awareness from the board room to the mail room.”
Through its collaboration with ZenOpz, a managed security service provider (MSSP), Zurich cyber insurance policyholders around the globe can now receive 24/7 network security monitoring and vulnerability management services to assist companies in identifying specific risks that may exist and help them plan an effective path to remediation.
The new offering is avaliable to all Zurich customers across the globe.
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