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Marsh launch cyber risk and data breach insurance policy

In View Summary

Marsh launched a cyber insurance called as CyberShield cyber risk and data breach insurance policy for medium-sized to large organisations. The policy is available outside US and can cover up to £500 million.

Cover includes –

–  Liability to third parties, defense costs and regulatory fines

–  Business interruption losses

– ‘Content injury’ liability to third parties and defense costs

–  Payment of extortion demands

– Payment card industry (PCI) data security standards fines and assessments

David Arnold, Marsh’s Financial and Professional Practice -Cyber, Media & Technology Risks Team Leader, said: “From operational or system errors, to nation state hackers, hacktivists, and organised crime, businesses are now being subjected to an unrelenting onslaught of cyber risks. Marsh CyberShield can help form part of a robust risk management strategy to protect clients from increasingly stringent regulation and the financial and reputational fall-out of a cyber incident.

Reported Benefits

Benefits to Customers

  • Saves time and cost
  • Protects brand and reputation

 Benefit to the Insurer:

  • Higer customer engagement
  • Increased insurance demand

The Digital Insurer's View

With evolving technology, Cyber risk is the major threat to businesses. It can have a huge impact on the financial standing and reputation of a business. Cyber insurance is the need of the hour with many businesses requiring protection. The insurance industry has started responding to this need and is developing in the right direction.

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