View this article online: https://www.insurancejournal.com/news/international/2020/08/03/577692.htm

Travelers Europe Enhances CyberRisk Product for UK and Ireland

Travelers Europe announced it has enhanced its cyber insurance product, Travelers CyberRisk, to provide more coverages and risk management solutions to strengthen customers’ overall cyber-security programs. The product is available to organizations of all sizes in the United Kingdom and Ireland.

New coverages include:

• Betterment –to help customers with the cost of purchasing new hardware, software or subscription-based services after a breach in order to eliminate system vulnerabilities that may result in a subsequent cyber event.
• Social engineering fraud– for the loss of money or securities caused by fraudulent instructions from someone purporting to be an employee, client or vendor.
• Vendor or client payment fraud– for lost products or funds owed to a business when its client or vendor is tricked into sending money or products to a fraudster rather than the rightful recipient.
• Reputation harm – for lost income resulting from damage to a business’s reputation when an actual or potential cyber event becomes public.

Travelers CyberRisk now also provides customers with access to pre-breach services such as cyber resilience readiness assessments and cyber-security awareness training via Symantec™. In addition, customers and brokers can find up-to-date cyber news, incident response plans, claim examples, white papers and employee training guides on the company’s eRiskHub®, available through its partnership with NetDiligence®.

“Our cyber product has always been more than just an insurance policy, with features such as access to experts who can help our customers navigate the stressful experience of a cyber event,” said Davis Kessler, head of Cyber for Travelers Europe. “Based on our constant review of the evolving cyber landscape, as well as insights from our broker partners and policyholders, we strengthened our leading cyber product to create the most comprehensive solution in the marketplace.”

Travelers has operated in Europe for decades through its UK insurance company, through Lloyd’s and more recently through its Ireland-based insurance subsidiary. Travelers Insurance Co. Ltd. offers business insurance, bond and specialty insurance and risk management services. Travelers Insurance Designated Activity Co. (DAC) provides insurance products and risk management services in Ireland and throughout the EU. Travelers Syndicate 5000 at Lloyd’s underwrites specialist and complex business classes, including marine, global property, power and utilities, accident and special risks, aviation and energy.

Source: Travelers