Markel International, the specialist insurer, has launched its Markel Cyber 360 policy which provides insureds with all round protection against cyber risks, to help them safeguard their business before, during and after a cyber attack.
Coverage will be provided on a stand-alone and add on basis for businesses in the UK, Europe, Canada, Asia and elsewhere. With limits of up to £10m/€15m/$20m per risk, Markel Cyber 360 is offered across most businesses, industries and geographies.
With support from a panel of geographically diverse expert advisers, Markel Cyber 360 offers insureds assessments of their vulnerabilities to cyber related incidents and recommendations on how to best address them. It also provides resources and expertise in breach response, incident management, legal, forensic investigation, credit monitoring and call centre management, loss control and public relations to deal effectively with a cyber incident, all supported by a 24/7 helpline which is open 365 days a year, ensuring access to the right experts at the right time.
Coverage combines third party liability and first party loss. Third party cover is included for cyber, privacy, e-media and, where required, professional and technology services, as well as a range of other third party benefits. First party cover, on a ‘first discovered’ basis, includes privacy breach and mitigation costs; systems and data rectification costs including bricking coverage; business interruption costs, including those from critical providers, system failures or preventative shut downs; extortion costs; and regulatory investigations and fines.
Scott Bailey, managing director, cyber, in London, said: “We are pleased and proud to launch this product, which provides valuable protection to businesses of all sizes. Markel Cyber 360 is available through a variety of distribution channels. This type of coverage is needed more than ever today.
The Markel Cyber 360 value proposition includes enhanced and improved coverage for the risks that both small and large size businesses face today. Our customers are supported by a geographically diverse panel of cyber experts accessible by dedicated hotlines. Collectively, we can help prevent a cyber incident from happening, and, if it does, mitigate the disruption and get things back to normal.”