Allianz UK Begins Marketing Cyber Cover for Mid-Sized Businesses

Allianz UK has launched Cyber Select, a cyber offering designed primarily for mid-sized corporate businesses.

Cyber Select’s cover is designed to deal with the consequences of unauthorized use of IT systems and data protection incidents. Customers will be insured against liabilities stemming from a cyber security incident, including costs and lost income, plus forensic IT and legal support in the event of an actual or suspected breach.

The coverage offers flexible limits so business owners can choose a level of cover based on their company size and need. Cyber Select can be traded as a standalone product or packaged in combination with other covers including computer, professional indemnity and D&O, as part of our Commercial Select product suite.

Cyber Select cover includes:

• Data breach costs – such as the cost of IT forensic experts to identify if a breach has occured and if so, to help contain the incident.
• Business interruption costs – any loss of profits and additional costs to mitigate the loss where there is a total or partial unavailability of IT systems. This could result from a cyber attack, technical failure, human error or regulatory requirement.
• Media liability – defense costs or damages for defamation (including invasion of privacy) arising from digital publications.

Customers will also have access to a panel of experts which specialize in both pre-breach and post-incident response services. This includes 14 days’ complimentary access to security rating platform BitSight, which helps businesses to identify, quantify and manage their cyber security risk. In the event of an attack or breach, Norton Rose Fulbright provides a 24/7/365 helpline to assist companies in navigating the incident.

Source: Allianz UK

*This story ran previously in our sister publication Insurance Journal.