Marsh has launched Marsh CyberShield, an exclusive cyber risk and data breach insurance policy for mid- to large-sized organizations. Available globally to Marsh clients outside of the US, Marsh CyberShield can provide up to £500 million ($624 million) in cover for risks associated with cyber incidents and data breaches.
“Forming part of Marsh’s Cyber Assurance suite of cyber risk solutions, Marsh CyberShield is underwritten by a market-leading Lloyd’s of London syndicate,” said Marsh in a statement.
Marsh CyberShield’s clearly-articulated wording provides clients with access to 24/7, 365 days a year crisis response services, while allowing them a greater degree of flexibility by choosing only the coverage they require.
As standard, Marsh CyberShield includes cover for:
- Liability to third parties, defense costs and regulatory fines in relation to data breaches; breaches of data protection legislation, including the EU’s General Data Protection Regulation; breaches of confidentiality agreements; network hijacking and virus transmissions.
- Business interruption losses stemming from network interruption security failures, system failures, or operational errors.
- “Content injury” liability to third parties and defense costs associated with publishing, broadcasting and/or advertising activities, and website content and/or functionality.
- Payment of extortion demands.
- Payment card industry (PCI) data security standards fines and assessments.
“From operational or system errors, to nation state hackers, hacktivists, and organized crime, businesses are now being subjected to an unrelenting onslaught of cyber risks,” commented David Arnold, Cyber, Media & Technology Risks team leader in Marsh’s Financial and Professional Practice.
“Marsh CyberShield can help form part of a robust risk management strategy to protect clients from increasingly stringent regulation and the financial and reputational fall-out of a cyber incident,” Arnold added.