Tokio Marine Kiln (TMK), the London-based specialist and corporate insurance business, launched Cyber Ctrl, a new insurance and services policy to protect clients against the impact of cyber attacks.
Addressing an overwhelming demand for more comprehensive coverage and prevention services, Cyber Ctrl gives businesses practical and financial support to combat the evolving cyber threat.
Through Cyber Ctrl, policyholders are provided with an intelligence-based critical alert service revealing their cyber vulnerabilities. The service detects, analyzes and reports on any cyber attack planning that is discovered and identifies where key employees may be susceptible to social engineering or blackmail.
Clients receive a monthly summary of the cyber activity that could affect their business and an alert notice for any critical issues that are detected. The service is offered in partnership with ex-government intelligence experts XCyber®.
Policyholders can also access a consultancy that will help them prepare for new European data breach regulations that are coming into effect in May, the EU General Data Protection Regulation (GDPR). The service, which is offered in partnership with Sytorus, helps clients maintain the mandatory logs for the new regulations, identify risks, conduct automated privacy impact assessments and provide support for training staff through its PrivacyEngine tool. Clients can also receive real-time guidance from data protection experts on best practice, policy guidance and practical implementation.
The new Cyber Ctrl offering covers a number of key perils that are frequently excluded from many cyber policies, such as:
- Reputational harm cover, including PR costs and loss of customers, following adverse media events as a result of a cyber incident
- Administrative errors as a standard trigger
- Outsourced IT providers as standard
- Broad Business Interruption cover
- Limits up to $25 million or €25 million.
“Malicious cyber attacks are becoming increasingly sophisticated and common and no business is immune,” said Laila Khudairi, head of Enterprise Risk at TMK. “Pre-empting the damage that can be caused by hackers and ensuring clients have the financial and practical support needed to deal with an attack or a breach is critical.”
Khudairi said TMK’s “chosen partners offer critical services irrespective of your industry.”
TMK has been underwriting cyber insurance at Lloyd’s since 2003.
Source: Tokio Marine Kiln (TMK)
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