A new insurance product offers businesses protection in the event of a loss of data or network failure resulting from administrative mistakes, accidental damage or computer attacks.
Designed by Lockton in partnership with underwriters Kiln, 'Business resilience' is intended for companies with time critical networks who have already invested in security, prevention, and business continuity planning. Kiln provides up to $10m cover which can be topped up with another $20-30m capacity.
Business resilience provides cover against:
- data/electronic information loss: the cost of retrieving data destroyed, damaged or corrupted due to a computer attack
- business interruption or network failure expenses for a computer attack and other human-related perils
- cyber-extortion both for the cost of investigation of the extortion demand and the demand itself.
Loss resulting from administrative or operational mistakes and aspects of accidental damage or destruction, as well as from computer attacks, is covered. Also included are contingent business interruption and data damage in respect of outsourcing/offshoring risks, and reimbursement for employee working time to replace, restore or recreate electronic data.
