XL Catlin has enhanced its Cyber & Technology insurance coverage with the introduction of CyberRiskConnect, a new policy form that addresses the rapidly expanding and ever evolving exposures of cyber & technology risk.
According to John Coletti, Chief Underwriting Officer for XL Catlin’s Cyber & Technology group in North America, “Data breaches and cyber threats are increasing in both magnitude and sophistication, as most recently evidenced by Petya and Wannacry.”
“Our daily lives are changing in response to new technologies and business models,” Mr. Coletti added. “While advancements in technology services and products may simplify our personal and professional lives, they also create new exposures, previously not contemplated. As a result, our Cyber & Technology Errors and Omissions Insurance Coverage provides broad coverage to protect against these unprecedented risks.”
According to the Ponemon Institute’s 2017 Cost of Data Breach Study , the average consolidated total cost of a data breach is $3.6 million. The average cost for each lost or stolen record containing sensitive and conﬁdential information is $141 and companies are experiencing larger breaches, according to the study. The average size of data breaches increased 1.8 percent to more than 24,000 records. Additionally, according to another study by IBM Security, ransomware attacks increased 6,000 percent in 2016 compared to 2015.
“We’re committed to making sure our cyber insurance coverage addresses our clients’ changing technology and unique risk profile,” said Mr. Coletti. “Our new policy is distinguishable from the competition as it provides more effective resources and latest policy terms to help clients thwart the growing threats associated with the threat of cyber risk.”
• All third party insuring agreements now provide expanded coverage for wrongful acts committed by rogue employees, outsourced providers and third parties for whose third party wrongful act an insured is legally responsible.
• Business Interruption coverage applies after a waiting period while Extra Expense is excess of a dollar retention.
• The reimbursement period for losses arising from a data breach or cyber-security breach is 18 months.
• Unlimited reimbursement period for loss of business income. Expanded definition of “outsourced provider” to include any third party contracted to perform any business service on behalf of an insured company.
CyberRiskConnect provides broad coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs following a technology or cyber event. Coverage is tailored for businesses across various industries and technology companies. Several breach preparedness tools are available via our online resource- www.cyberriskconnect.com -- as well as through XL Catlin’s preferred vendor network. For more information, please contact a member of the XL Catlin Cyber & Technology underwriting team.
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