Marsh launches enhanced cyber risk solutions for business interruptionReprints
Marsh L.L.C. said Friday it is launching a suite of new and enhanced risk analytics and insurance solutions to address the business interruption risk from cyber attacks.
The new cyber BI suite includes proprietary insurance wording and risk assessment analytics, integrated into tailored client solutions, New York-based Marsh said in a statement.
Recent major cyber events, such as the WannaCry and NotPetya attacks, Marsh said, have raised awareness about the significant business interruption risk and associated economic losses posed by new and emerging cyber threats.
One of the new items is NotPetya benchmarking, which gauges the range of likely losses from a NotPetya-severity business interruption event against actual losses by NotPetya-affected firms.
Marsh’s Cyber CAT 3.0 cyber policy is now backed by nearly $2 billion in total potential capacity for such risks as cyber BI, cyber contingent BI, “internet of things,” and breach of the EU General Data Protection Regulation.
Policy enhancements and expansions include available coverages for reputational loss, IoT device “bricking,” which renders devices useless, and costs for post-event computer system upgrades and rebuilding expense.
Marsh said its Cyber ECHO excess product now has capacity of up to $100 million in limits, excess of an underlying cyber or technology E&O policy, and a choice of reinstatement options priced at inception, which policyholders can elect to purchase at any time during the policy period.
The Marsh cyber BI suite also has cyber risk analytic and quantification offerings, which are intended to help organizations better understand their cyber exposure, and which inform decision-making, including setting appropriate insurance limits and financial evaluation of cyber risk mitigation efforts.