Wednesday, September 20, 2017

XL Catlin launches cyber policy in Asia

XL Catlin has launched a cyber and data protection insurance policy in Asia Pacific to protect businesses from malicious network compromise and data breach.

The solution covers business interruption arising from a network compromise, associated extortion demands and first-party incident response costs such as notification of the compromise of the network, forensic investigations and public relations support.

“We know there is a real need for this policy across Asia Pacific because as technology and digital connectivity evolve, companies are finding themselves exposed to new and more sophisticated cyber attacks,” said Timothy Powell, head of international financial lines for XL Catlin’s business in Asia Pacific.

The policy also covers third-party liability costs that organisations face as a result of a data breach and broad coverage for liability associated with media exposures such as copyright infringement, trademark infringement, invasion of privacy and false advertising, in both offline and online content as well as social media.

A report by Juniper Research estimated that the cost of data breaches will reach US$2.1 trillion globally by 2019, almost four times the estimated cost of breaches in 2015.

“No company is fully secure, no matter how superior its cyber defence mechanisms are,” said Powell. “They must proactively embed cyber risk management in their strategies and operations to combat the unrelenting threat of cyber attacks.”

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