RLI Insurance Company and its Executive Products Group have created a new business unit to offer cyber liability insurance.
The Cyber Liability Insurance unit will offer protection for exposures arising from adverse cyber events including but not limited to data breaches, data loss, malware attacks, disruption of service and cyber extortion.
“These types of cyber threats and incidents are increasing in frequency, sophistication and volume and creating financial hardships for many companies,” said Chad Berberich, vice president, Executive Products Group. “Our Cyber Liability unit will address this growing concern by offering critical protection for an organization’s intangible assets such as electronic data, software and intellectual property, which may not be covered under their current business insurance policy.”
Berberich added that the unit will operate under the leadership of Underwriting Directors Sean Scranton and Natasha Richard.
RLI’s Executive Products Group provides financial product policies and enhanced liability coverages on both a primary and excess basis. RLI’s cyber liability insurance will be available in the third quarter of 2016.