Data security software provider Tripwire this week won a deal to become a recommended supplier for Lloyd's group SVB's cyberinsurance product E-comprehensive.
The news comes as the software company launches Tripwire Insurance Services, a new subsidiary set up to attack the internet risks arena.
Tripwire chief executive Wyatt Starnes said: “Our partnership with Lloyd's reinforces the need for a risk management tool that measurably reduces the risk for underwriters and their clients.”
Under the deal, SVB will offer a 10% premium discount to all E-comprehensive customers when Tripware software is properly installed.
Starnes said the move will enable LLoyd's to “manage and control losses stemming from e-commerce risks”.
The E-comprehensive product protects against malicious and accidental acts which may cause substantial liabilities and loss to property assets, revenue generation and trade secrets.
According to a report conducted by the Computer Security Institute with the FBI in March 2000, 90% of respondents had been the victims of cybercrime, and 74% acknowledged financial losses due to security breaches.
Research by the business and technology news magazine InformationWeek in August 2000 claims the cost due to viruses and computer attacks was £161bn for US firms. Worldwide losses were estimated at £1.14 trillion.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
