XL Catlin launches new cyber solution

XL Catlin UK has launched a new cyber product designed for companies that do not require a stand-alone solution. It will be offered as an extension to general liability policies and is available to a wide range of industry sectors with a limit of £5m. The cyber policy covers the risks associated with data management, data safety, the impact of a network breach and the various costs that may derive from a cyber incident, using a combination of third-party liability and first-party losses coverages. "Companies around the world are increasingly vulnerable to targeted cyber-attacks. We regularly speak to companies that record thousands of attacks every year, sometimes every month. "Yet many UK organisations still have some way to go in terms of measuring and quantifying their cyber liabilities. And in our experience, this is preventing many of them from transferring the risk to the insurance market," explained James Tuplin, head of cyber & technology, media and telecoms international financial lines. Andrew Farmer, senior casualty underwriter, insurance, added: "We have introduced this endorsement specifically for clients that have not previously bought cyber insurance. Our expert underwriters have a well-defined and straightforward survey for clients to understand their cyber exposures, which helps first-time buyers access this coverage," This extension complements XL Catlin's existing stand-alone cyber and data protection policy, managed by its international financial lines team. The company also recently launched a new corporate CPR (Crisis Prevention and Response for corporate clients) product. The company describes it as a global risk management and insurance platform that is designed to supposedly help companies of any size prevent, prepare for and respond to crisis situations, and help protect their people, assets, property and finances.

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