Ascent Underwriting, the cyber risks Managing General Agent (MGA) led by Amlin capacity, said it is “to ring-fence cyber breach notification costs separately from its main insurance policy limit to protect small and mid-market clients.
“Launched this week, the new extension covers the potentially considerable cost of complying with privacy legislation by notifying individuals who have been affected by a data breach.”
Ascent said “ring-fencing these expenses away from the main policy limit will ensure the full original limit remains available to deal with other issues such as third party actions in the event of the breach escalating, regulatory fines and other covered clauses.”
The bulletin also notes that the firm’s clients in the US, Canada, UK and Europe will “benefit from the MGA’s new partnership with identity management and data risk management solutions provider, IDT911. The specialist company will provide clients with pre and post risk services including a 24/7 hotline to access experts consulting on proactive best practices. Reactively, IDT 911 will provide assistance following a security breach to facilitate a swift claims service.
“Ascent already provides comprehensive solutions for professional and non-tangible risks and continues to develop niche products in the fast moving cyber risk environment.”
Ascent Director David Umbers explained: “The notification costs following a cyber breach can run into hundreds of thousands of dollars and potentially burn though a considerable proportion of the main policy limit. By ring-fencing these costs and introducing expert support we can help to prevent this undesirable scenario and preserve the main limit to protect the client from the impact of wider civil actions and regulatory fines.
“Client demand for emerging cyber risk continues to grow. While the market already has a number of cyber risk solutions aimed at major companies, we see a substantial demand and need for a broad and innovative product and solution to cater for the smaller end of the market. We are excited to release this new extension as we continue to explore and improve our offerings and services.”
Source: Ascent Underwriting
Topics Cyber Legislation Insurance Wholesale
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