Marsh has launched a suite of new and enhanced risk analytics and insurance coverages designed to address business interruption (BI) risks arising from cyber-attacks.
Marsh’s new cyber BI suite includes proprietary insurance wording and risk assessment analytics, integrated into its products.
Marsh’s Cyber CAT 3.0, the next generation of its cyber policy, provides broad coverage backed by nearly $2 billion in total potential capacity for critical cyber risks such as cyber BI, cyber contingent BI, Internet of Things (IoT), and breach of the EU General Data Protection Regulation. Policy enhancements and expansions include available coverages for reputational loss, IoT device “bricking,” and costs for post-event computer system upgrades and rebuilding expense.
In addition, Marsh’s Cyber ECHO excess coverage now has capacity of up to $100 million in limits, excess of an underlying cyber or technology E&O policy, and a choice of reinstatement options priced at inception, which policyholders can elect to purchase at any time during the policy period.
The new Marsh cyber BI suite also features new cyber risk analytic and quantification offerings to provide organizations with critical insight to better understand their cyber exposure, and which inform decision-making, including setting of appropriate insurance limits and financial evaluation of cyber risk mitigation efforts.
Quantification and analytic tools range from new benchmarking capabilities, including benchmarking likely losses from a NotPetya-severity BI event, to in-depth company-specific cyber BI loss modelling.
Thomas Reagan, leader of Marsh’s US Cyber Practice, said the new coverages are in response to requests from clients for tools to help them measure and manage cyber business interruption risk.
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