Ironshore now has a team devoted to managing cyber claims across all of its product lines. Beazley debuted expanded protection meant to address schemes such as the kind where employees are illegally convinced to wire funds to external accounts.
Ironshore Inc. has unveiled a Computer Emergency Response Team (CERT) to manage cyber claims across all product lines.
CERT-Ironshore is a dedicated computer response team comprised of cyber claims coordinators representing each specialty lines division. Howard Panensky will serve as director of CERT-Ironshore, reporting to Mike Mitrovic, Ironshore Global Claims officer.
CERT-Ironshore will provide insureds a single point of contact for cyber risk claim coordination and collaboration. CERT-Ironshore coordinators will offer technical advice and support in response to cyber security incidents.
Third-party assistance will be available to all policyholders to manage cyber security risk with selected vendors at pre-negotiated Ironshore rates.
According to Mitrovic, in the event of a cyber-related claim, policyholders will have a coordinated claims strategy by accessing coordinators and resources with cyber claims handling expertise.
Ironshore, a Liberty Mutual Company, provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.
Beazley debuted a new excess policy for the U.S. market focused on expanding protection available for firms dealing with social engineering cons such as those where employees are convinced to wire funds to external accounts.
The policy provides coverage of up to $5,000,000 in excess of underlying coverage of at least $250,000, and is available on a surplus lines basis only. It’s designed to address risks such as the wiring funds scheme and other larger social engineering attacks like it that have typically drawn much smaller coverage – between $100,000 and $250,000 of protection.
Beazley said that its coverage can follow the terms of another insurer’s primary cover and can be used to boost the social engineering cover currently available under its own Beazley Breach Response cyber policy.
Sources: Ironshore, Beazley