Brit PLC, a global specialty insurer and reinsurer, has developed an insurance service to protect companies operating critical infrastructure and industrial machinery from terrorist and other malicious attacks, such as sabotage, espionage and theft.
Critical infrastructure, operated through complex software known as industrial control systems, is increasingly vulnerable to malicious cyber breaches presenting the global economy with potential catastrophic risk. To date, the insurance market has offered inadequate security to protect against this type of cyber vulnerability.
Brit’s product gives companies insurance cover for first party property damage, business interruption, the cost of restoring digital assets and reimbursement for resultant business income losses. In addition, it provides cyber security risk assessment, on-going loss mitigation and inspection services.
The product has been designed specifically to provide insurance protection for large industrial companies, encompassing all aspects of the oil and gas sector (including exploration and production, refining, transportation, storage and other associated downstream marketing activities), the utilities sectors and other heavy industries.
In creating this product Brit has partnered with Coalfire, a North American cyber security and corporate governance auditor, to provide third party cyber security risk assessment. Coalfire is works with industrial assureds to assess the adequacy and vulnerability of their control systems.
Brit is leading a number of Lloyd’s syndicates to offer first loss limits of up to $250 million of first party cyber coverage. This consortium incorporates Brit’s experience with underwriting global first party property, energy and cyber classes, as well as Lloyd’s insurance market capabilities in developing insurance products for emerging risks.
Brit is a lead syndicate in all lines of business that are relevant to its new cyber-attack product. Russell Kennedy (class underwriter, War and Terrorism) and Mike Smith (head of wordings) are responsible for the new product.
Brit PLC is is focused on underwriting complex risks and has a major presence in Lloyd’s of London, with significant U.S. and international reach. The Brit Group underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business.
Coalfire is an independent information technology governance, risk and compliance (IT GRC) firm that provides IT audit, risk assessment and compliance management solutions. Founded in 2001, Coalfire has offices in Dallas, Denver, Los Angeles, New York, San Francisco, Seattle, Washington D.C. and England, working on projects annually in retail, financial services, healthcare, government and utilities.
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