Guy Carpenter today announced the launch of a new cyber privacy and network protection solution designed to meet the unique cyber challenges faced by small- and medium-sized companies. The Lloyd's Managing Agency led by Tom Ridge, the first US Secretary of Homeland Security and the 43rd governor of Pennsylvania, as chairman. The solution is underwritten by five leading Lloyd's syndicates in the cyber arena: Brit, AEGIS London and Novae as lead underwriters, and Barbican Insurance Group and ACE. The product offers three components which are designed to help organizations meet the cybersecurity challenge head-on:
- • An initial on-site assessment of existing cybersecurity capabilities is conducted by the Ridge assessment team to expose any potential system vulnerabilities and provide recommendations to reduce cyber exposures. Compliance with the recommendations will directly affect the premiums charged for the insurance component of the solution.
- • A comprehensive cyber privacy and network protection insurance policy provides the central component of the solution. Spanning a broad spectrum of coverage types, the policy includes: business interruption coverage; privacy and security liability; crisis and "event" management costs; information assets and cyber extortion. The policy provides coverage on a worldwide basis with a capacity limit of USD50 million.
- • The final component provides remediation services in the event of a cyber breach. The solution will deliver a rapid and robust response to any form of cyber intrusion, quickly isolating the intruder, shoring up the breach and limiting the business impact.