Marsh, a global insurance broker, risk manager and a wholly owned subsidiary of Marsh & McLennan Cos., has launched a new cyber insurance policy that provides catastrophic protection for large companies seeking to better manage the growing threat of a cyber-related data disruption or unplanned technology outage.
Underwritten by cyber insurers and sold exclusively through Marsh, Cyber-CAT offers limits of more than $300 million in coverage above a minimum $100 million self-insured retention. In addition to high capacity, Cyber-CAT provides coverage above what standard cyber insurance policies offer including physical property damage resulting from a system failure.
“The costs associated with a major cyber-event or technology disruption can run into the hundreds of millions of dollars for large companies – even those with little to no ‘typical’ privacy exposure,” said Bob Parisi, Marsh’s Network Security and Privacy Practice leader. “While many of these larger companies have sought protection from the cyber insurance market, coverage to date has often been insufficient. With Cyber-CAT, Marsh is able to offer the largest companies access to enhanced levels of coverage for the catastrophic data and technology risks they face, while also allowing them to manage the risk in a manner consistent with how they approach other operational risks.”
Cyber-CAT can be customized to include any or all of the following coverages:
- Privacy and security liability.
- Information assets.
- Business interruption coverage, including extra expense.
- Cyber extortion.
- Criminal reward fund.
- Crisis and event management.
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