Travelers Europe Launches Cyber Insurance in UK and Ireland
In Action Summary
Travelers Europe has launched a first standalone cyber insurance for businesses in the UK and Ireland. The policy is named as CyberRisk and it provides:
– Liability and first-party coverage for losses from cyber attacks.
– Access to assistance that can help limit client exposures to cyber events, including breach coaches, forensic investigators, public relations support and credit monitoring services.
The policy also includes limits of up to £10 million to cover data loss liability, breach response, cyber crime and commercial losses arising from cyber threats.
Davis Kessler, Head of Cyber Risks at Travelers Europe has said of this offering: “With cyber threats continuing to evolve, businesses without dedicated cover could find themselves insufficiently protected in the event of a breach. Our global team has created a package designed to help companies navigate their cyber event response so they can return to normal as quickly as possible.”
Ultimately, the fact that legacy insurers such as Travelers are developing cyber insurance products demonstrates the impact that cyber attacks will pose to both SME’s and multi-nationals alike.
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