Berkshire Hathaway Specialty Insurance launched a new policy in Canada that combines cyber liability and breach response coverage, along with risk management resources. Allstate’s Business Insurance arm and Business Talent Group are teaming on a new product for high-end independent business consultants. Specialist insurer Beazley has redesigned its Beazley Breach Response cyber policy. Chubb is rolling out a new mobile application designed to help its U.S. and Canadian commercial cyber customers tap into various resources after a cyber incident.
Berkshire Hathaway Specialty Insurance is now offering a policy in Canada that combines cyber liability and breach response coverage with risk management resources. The target market: commercial enterprises and financial institutions.
Dubbed the Professional First Network Security & Privacy Liability Policy, the coverage is designed to offer multi-faceted coverage and crisis management services for large commercial enterprises and a wide range of financial institutions, including credit unions, banks, asset managers, and insurance companies.
Policy highlights include coverage for both first and third party exposures resulting from data security and privacy breaches, including regulatory investigations, fines and penalties. The policy also contains breach expense and extortion threat coverage, media liability coverage and business interruption coverage. Clients also gain online access to eRiskHub tools and resources to help them understand cyber exposures, establish a breach response plan, and prepare to mitigate the impact of a breach on their organization. (eRiskHub is provided via NetDiligence, a cyber security and e-risk assessment firm.)
BHSI policyholders will also get access to legal experts after a breach to help manage their obligations.
Allstate’s Business Insurance arm and Business Talent Group are teaming on a new product for high-end independent business consultants.
Specifically, the Allstate Business Shield for Business Talent Group will provide an exclusive portal through which consultants can find insurance products and services tailored to their unique needs.
Among the services offered through the portal: insurance coverage for cyber security breaches, onsite liabilities and business property damage. Protection is designed to address issues such as risks associated with working from a home office, liabilities from working onsite at a client’s location, cyber breaches of a client’s private and confidential information, and damage to the consultant’s business property.
The portal includes information to help independent consultants understand their most common business risks, access online tools for small business efficiency, and connect them with resources designed to help them as small business owners. BTG, provider of on-demand business talent, is the first and only independent consultant network to offer the Allstate product bundle to its talent pool.
Specialist insurer Beazley has redesigned its Beazley Breach Response cyber policy.
Launched in 2009, the policy has helped businesses holding large volumes of customer data. The new version of Beazley Breach Response covers numerous cyber risks confronting small and mid-sized businesses, including business interruption, in a streamlined 22 page policy.
The policy also includes extensive advice on how best to minimize cyber risk, alongside robust coverage and response services to help clients manage data breaches while maintaining customer confidence.
The new Beazley Breach Response policy form includes: a full suite of breach response services, first party coverage for cyber extortion, data recovery costs, business interruption resulting from security breaches and system failures, contingent business interruption from security breaches and system failures occurring at the policyholder’s vendors and suppliers, and eCrime coverage for fraudulent instruction, funds transfer and telephone fraud.
Chubb is rolling out a new mobile application designed to help its U.S. and Canadian commercial cyber customers tap into rapid incident responses options and resources after a cyber incident.
The product – Cyber Alert – can be tapped into through each Chubb Cyber policy. Chubb said its cyber incident response team includes a number of independent third-party service providers. With the click of a button, the mobile application helps policyholders access a cyber response specialist from that roster – live.
Once reported, an incident response coach is engaged to investigate the impact of the event, manage any legal or regulatory concerns, and engage the use of additional incident response services as needed. Cyber Alert can be used by a single individual or integrated into larger corporate incident response plans.
Version 1.0 of the app is available, with commercial cyber customers the target market.
Sources: Berkshire Hathaway Specialty Insurance, Allstate, Beazley, Chubb