Brit Ltd., the London-based specialty insurer and reinsurer, announced it has increased the flexibility and limits of Brit Cyber Attack Plus (BCAP), a cyber product designed to protect clients from the impact of physical damage arising from cyber attacks.
Launched over five years ago, BCAP combines first and third-party cyber coverage with cover for physical damage and ensuing business interruption arising from a cyber-attack. BCAP has now been substantially built out, offering physical damage cover due to cyber events alongside business interruption, data privacy and cyber liability coverage, with limits of up to $150 million.
The coverage is offered to clients globally.
In addition, BCAP now gives clients increased flexibility and offers limits of up to $100 million for both stand-alone, non-physical damage, cyber coverage as well as coverage for physical damage only.
BCAP is also able to offer solutions that are tailored to individual sectors, and the pressure points they face from cyber-attacks – whether a power plant or car factory. Additional features also include extensive risk management training tools and access to leading global cyber experts, including IT and forensic specialists, lawyers and crisis PR.
When BCAP was originally launched, Brit recognized that many energy, industrial, manufacturing, utility and similar businesses have operations heavily dependent on technology. However, many market cyber offerings covered costs relating to data breaches and IT system interruptions but did not cover damage to buildings and equipment arising from a cyber event, with property damage specifically excluded.
The BCAP policy aimed to redress this coverage gap, as well as the problem of “silent cyber,” Brit said, explaining that affirmative cyber coverage offered under “all risks” property policies is heavily sub-limited with non-affirmative or “silent cyber” coverage increasingly excluded and eliminated entirely.
“We are excited to launch the new features and increased sophistication of our BCAP product,” commented Ben Maidment, class underwriter, Cyber, Privacy and Technology, at Brit.
“Today, this product is more relevant than ever. Hackers are seeing increasing success in targeting organizations of all sizes and using an attack to alter chemical mixes or take control of machinery is well within their capability,” he added.
“It is essential that brokers and their clients understand the inherent cyber risk from such events and ensure that any property damage from a cyber incident is fully covered,” Maidment emphasized.
“The increased flexibility offered to clients means that BCAP is a compelling solution. In addition to the full BCAP product, we can now provide the highest limits available globally for stand-alone cyber liability for those that need it. Brit is committed to remaining at the forefront of innovation as the threat of cyber continues to amplify and evolve.”
Source: Brit Ltd.
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