Pen Underwriting launches comprehensive cyber insurance product
Specialist cyber product is designed for small to medium sized corporations and safeguards customers against the main aspects of a cyber breach.
Eighty-nine percent of breaches in 2016 had a financial or espionage motive and in Canada, the average cost per lost or stolen record in 2016 rose by 10.6% to $278. “Pen’s cyber insurance product is a compressive solution that address this emerging exposure and safeguards clients in the event of a cyber-attack”, said Tom Butler, president Pen Underwriting Canada Limited, in a release.
It is available through Pen’s custom quote and bind platform so getting cover is simple, straightforward and quick. The platform can quote and issue a policy within five minutes, while offering a broad range of coverage to diverse exposures with generous limits.
Backed by A+ rated capacity, this specialist cyber product is designed for small to medium sized corporations and safeguards customers against the main aspects of a cyber breach, including the theft of data or information, business interruption and liability costs resulting from the breach. Customers have access to a 24-hour data breach hotline so they can report incidents in a timely fashion, and the product also offers cover in instances where there is no legal obligation to notify, if the insured feels that doing so will mitigate potential reputational damage.
The Multimedia liability cover is unique in the market as it covers a range of different types of media, as well as the formats where the information is kept, rather than just content posted to the insured’s website.
Notable benefits of the wording include:
- Privacy Liability (Including Employee Privacy)
- Privacy Regulatory Claims Coverage
- Security Breach Response Coverage
- Security Liability
- Multimedia Liability
- Cyber Extortion
- Business Income and Digital Asset Restoration
- PCI DSS Assessment
Glenn Woodard, underwriting director for Pen Canada Limited, commented: “Cyber is a growing threat for corporations across the world and with cybercrime on the rise, organizations are increasingly thinking about cybersecurity and ways to mitigate this threat.”