We live in a digital age. Business models are fluid. Opportunities and challenges are developing rapidly.
In the UK, the concept of insurance is more than 300 years old but in recent years it has been remarkably responsive to the new challenges of the Tech industry.
Although established as long ago as the 60’s, it is only in the last five years that there has been an explosion in numbers and growth for businesses offering SaaS solutions running in the Cloud or indeed Amazon’s EC2 or SalesForce or Google’s Cloud Computing offerings. This has only been possible with increased computing power and the roll out of higher level bandwidth.
Our Technology team work with Clients to develop a real partnership approach to taking care of the very different digital and Cyber risks they face either contractually, online or internally.
We anticipate clients’ needs in order to mitigate losses across this fast-paced industry and we understand the regulatory framework and business issues you face.
Through our insurance partners we offer an end-to-end risk management solution, designed to meet the needs of middle-market and larger companies as well as multinationals. It includes a wide range of cyber risk assessment, post-event crisis management and risk transfer solutions to address the growing enterprise-wide cyber and data privacy risks facing companies of all sizes.
The policy provides comprehensive cyber risk cover, including:
- first party business income loss
- data restoration
- cyber extortion
- third party liability arising from privacy and security incidents
- crisis response costs
We will provide our clients with a single point of contact and a 24/7 incident response platform to report cyber incidents. Qualified incident managers will help you navigate through the complexities of a cyber incident from start to finish and offer access to a global network of crisis management service providers.
Highlights of the new solution include:
- End-to-end enterprise risk management, from pre-inception surveys in conjunction with insurer’s own dedicated cyber risk engineer to immediate incident response when a cyber event occurs.
- Simplified policy structure and language, bringing together in one wording the key elements of first- and third-party cyber liability cover.
- Enhanced coverage in response to client demand, including a new cover for cyber-terrorism
- Incident response costs cover, including forensics, notification, fraud remediation, call centre engagement as well as legal, and public relations expenses.
- Cover for costs to remove malware from a network, reconstruct data and systems, hire or lease third party equipment, and offset increased costs of labour during downtime.
- Access to global expertise and network, including: dedicated cyber teams in Europe and the US with a track record of over 15 years of local underwriting experience and claims handling; specialist cyber risk engineers; and Chubb’s local presence spanning 54 countries worldwide
Our additional services include:
- Full reviews of the insurance provisions of contracts
- Full tier supplier and customer exposure analysis including ISP’s and Datacentres
- Risk Management, BCP’s and Disaster Recovery and how these tie in to Profit protection
- Global Trading and international coverage
Talk to our experts about designing a solution for your business.