At a glance
- It’s never been more important to protect businesses balance sheets and reputations from cyber risk
- The policy also includes a global breach response service ‘DigitalResolve’
When it comes to cyber security, many businesses take a ‘one-size-fits-all’ approach and opt for an insurance solution that ranks highest in the global marketplace.
However, the ‘best’ doesn’t always make it a good fit, especially for businesses operating in certain geographies.
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Many cyber products originate from the US and are merely replicated when they cross the Atlantic for a European and international audience. But the US legal landscape, which has a culture of class actions, complying with breach notifications and strict data protection laws, can differ markedly from other jurisdictions.
Meeting customer needs
“Our experience showed us that the majority of cyber policies out there were US products that focused on privacy and network security liability. Although the liability landscape is changing, so far we have not seen liabilities emanating out of data breaches – this is simply a feature of the US market place.
How Zurich can protect a business 24/7
DigitalResolve from Zurich is a global one-stop shop that harnesses and manages the resources a firm needs to recover from a damaging cyber event.
If an incident occurs, a business can call our multilingual team, day or night, all year round. The DigitalResolve team of global trusted expert providers, will co-ordinate and triage the cyber attack incident response from its first notification through to a successful conclusion.
A dedicated Incident Manager will be appointed and co-ordinate our experts to support the business. This Incident Manager will remain in place throughout, managing the services and acting as the main contact.
DigitalResolve from Zurich will:
- Locate and rectify the source of the attack, failure or breach
- Safeguard a business from further attacks and disruptions
- Assess financial losses by providing a dedicated forensic accountant
- Protect a brand and reputation by deploying PR consultants
- Ensure a business complies with the regulations by providing legal support
- Negotiate ransoms, with legal supervision as required
- Notify data subjects for regulatory and PR purposes
- Undertake credit monitoring for data subjects and businesses
- Seek to recover losses from negligent third parties
- Risk manage a business to prevent or minimise future threats
“We may be later to market, but we have taken a bit longer to invest and understand what our customers really want, and look at other key areas we can insure to develop the product slightly further than our competitors. If we had merely issued the same product as in the US, it would have been like putting a square peg into a round hole.”
One of the standout aspects of Zurich’s new product is its loss of income cover following a data breach.
“After studying all the component costs of a data breach the major cost component that was not being transferred by insurance was the loss in revenue or customer churn following a data breach and this is what we are now looking to transfer”.
Other notable additions to the cover include system failure business interruption, cover for outsourced IT partners, emergency costs to assist immediately in the aftermath of a data breach and cyber terrorism.
Zurich Security and Privacy Protection’ also includes a global breach response service called ‘DigitalResolve’. Following a breach, Zurich clients will be provided with a single dedicated Incident Manager, with 24/7/365 availability to manage the resources needed to recover from a damaging cyber event.
The ‘DigitalResolve’ team of global trusted expert providers, co-ordinate and triage the cyber-attack incident response from its first notification right through to its successful conclusion.
Changing cyber landscape
A lot has changed regarding cyber insurance cover in the last few years, as the risks develop and the insurers become more sophisticated in their approach to the risk.
“Hopefully by doing our homework it will be slow and steady that really does win the race,” says Jeremy. “We’ve brought a lot of covers under one hat and added a global breach response service and by taking stock we are aiming for a ‘best of breed’ product.”
For more information please speak to your local Zurich contact.