Willis Group Holdings has launched a new facility to cover business interruption and recovery costs stemming from malicious and accidental loss of data. Willis described its CyPro, as a “new suite of products,” that will “help businesses avoid having to absorb the cost of data recovery and disruption themselves, therefore mitigating against the erosion of their balance sheets and the potential for public confidence in their brand being undermined.”
The coverage targets exposures to risks associated with technology use and “incorporates a stand-alone first party non-damage Business Interruption cover,” said Willis. “Recent high profile data privacy breaches have focused on potential 3rd party loss. CyPro offers a complete package with both 1st and 3rd party cover available. It provides financial assistance for firms left open to the costs associated not only with repairing systems and replacing data, but also mitigating reputational damage by, for example, employing the services of a public relations firm.”
Terri Driscoll-Cooper, Business Development Director, FINEX Professional Indemnity explained: “In a competitive global market place, technology enables companies to become more efficient. Technology is now driving business, yet businesses have failed to change the way they insure against these new perils. Companies’ assets are moving from ‘bricks to clicks’ yet their protection against the enormous reliance on technology to run their business remains woefully inadequate.”
Source: Willis – www.willis.com.