Lockton announced from its London office that it has “designed an exclusive insurance product called Business Resilience in partnership with Kiln, an international insurance and reinsurance underwriter.” The coverage targets Lockton clients, who have “time critical networks and who have already invested in security prevention and business continuity planning.”
These include “financial services companies, healthcare providers, retailers and those reliant on the internet, protection in the event of a loss of data or network failure resulting from administrative mistakes, accidental damage or computer attacks,” said the bulletin.
The coverage offers limits of up to $10 million with Lockton and Kiln and, if necessary, another $20 – $30 million capacity from other London markets, available to Lockton.
Emily Freeman,Lockton Executive Director – Technology and Media Risks Practice, commented: “Over the last ten years organizations have become heavily reliant on computer networks to support infrastructure functions and to transact business. Many firms simply would not be able to trade in the event of a system failure. While the creation of automated real time business processes has undoubtedly enabled significant improvement in productivity, this growing dependency brings with it great risk – the key is to get the business up and running as soon as possible.
“While firms may have security prevention and business continuity plans in place, they may not realize that even though their hardware is protected, the loss of data and ensuing costs to restore the network and minimize additional damage from damage caused, is not. We conceived Business Resilience to help meet the growing demand to protect companies against these emerging technology risks. The key is to get the business up and running as soon as possible and this product makes this happen in as little as four hours after the initial security breach and it’s suitable for businesses ranging from independent florists reliant on internet sales, to major financial institutions using IFAs to distribute their products.”
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