A new cyber privacy and network protection scheme is being launched by Ridge Insurance Solutions, led by Homeland Security Secretary and Pennsylvania Governor Tom Ridge.
The project is underwritten by five Lloyd’s syndicates that specialise in internet security: Brit, AEGIS London, Novae, Barbican Insurance Group and ACE. Its cyber privacy and network protection insurance policy will involve an onsite assessment of cybersecurity capabilities and vulnerabilities, including compliance recommendations, as well as coverage up to US $50m for business interruptions, privacy and security liability, crisis management costs, information assets and cyber extortion. It also offers remediation services in the event of a breach, says the company.
“Insurance need not be just a ‘policy’ written by an agent, but a true focal point for assessing, identifying and correcting the impact of cyber risk on your business,” said Ridge. “This is not just about insurance, but helping and incentivising companies to manage their cyber operations more effectively.”
The company says that the approach is particularly well suited to small and mid-sized businesses.
“We will certainly work with larger companies, but small- to mid-cap companies drive employment in America and around the world,” Ridge added. “They drive innovation, entrepreneurship and creativity. Working together with the Lloyd’s syndicates, we have developed a cyber insurance product uniquely designed to help that class of business – to better protect unsuspecting customers from hackers and help ensure that these job creators have an opportunity to flourish and grow.”
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