IronPro, Ironshore’s financial and professional lines unit, is introducing Ironshore CyberCrime and DataProtect for English and Welsh Solicitors.
Paragon International Insurance Brokers, a London-and-Bermuda-based independent global insurance broker, will exclusively market this product in conjunction with cyber monitoring and alert services (CMAS).
IronPro has engaged the information security firm, BorderHawk, to offer CMAS, which detects potential threat indicators and extrapolates such knowledge into a proactive indication and warning process for IronPro insureds, the company said in a statement.
“Ironshore CyberCrime and DataProtect offers a uniquely blended crime and data privacy policy form, including coverage for the solicitor firm to recover fees under the terms of a conditional fee agreement from a lost client due to the direct result of a network security or privacy incident,” stated Janine Parker, partner and head of UK Professions at Paragon.
She said the tailored policy for English and Welsh solicitors in conjunction with the CMAS solution “is very innovative in the marketplace.”
“CMAS generates and transmits a cyber risk warning alert to a pre-determined point of contact at the insured for immediate action in the event of a potential risk,” said Kurtis Suhs, IronPro Global Privacy Practice leader.
The cyber risk warning alert signals “potential vulnerabilities or threats associated with a specific IP address, thereby indicating heightened risk exposure to the insured,” Suhs added.
“We recognize that while ‘alerting’ systems can be a critical component of cyber security programs, most organizations depend on ‘accidental discovery’ to initiate investigations of malicious cyber threats,” said Steve Akridge, president of BorderHawk. “Ironshore clients will be notified when questionable activity occurs, providing a more responsive investigation when primary security tools do not recognize a potential threat.”
Source: Ironshore
Topics Cyber Fraud New Markets
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