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Marsh USA Inc. has unveiled a new cyber insurance policy intended to help large companies address potentially catastrophic cyber exposures.
The product, dubbed Cyber CAT, is underwritten by several cyber insurers, including American International Group, and sold exclusively through Marsh, the New York-based broking and risk management unit of Marsh & McLennan Companies said.
Featuring limits of more than $300 million in coverage above a minimum $100 million self-insured retention, the product is aimed at large companies that have trouble finding sufficient limits in the cyber insurance market, said Bob Parisi, New York-based network security and privacy practice leader for Marsh.
“The target for this is companies that view this as a balance sheet issue and have the cash or wherewithal to manage this below the $100 million exposure level but are worried about a catastrophic exposure and want to put coverage in place,” Mr. Parisi said.
In addition to higher limits, the Cyber CAT product offers broader coverage than traditional cyber policies, Mr. Parisi said, noting that in addition to offering protection for privacy and security liability due to data breach, the coverage can be customized to include coverage for information assets and business interruption.
“The biggest disruptors of corporate supply chains are now unplanned technology or telecommunications outages,” Mr. Parisi said. “The hacker attacks get a lot of attention, but it's the run-of-the mill, workaday stuff that causes the most financial harm.”
Mr. Parisi said one of the challenges creating the product was finding insurers that were amenable to a form that was written by a broker and contained broader coverages than a traditional cyber policy. Nonetheless, he stressed that terms of product are customizable and subject to negotiation.
“While we drafted the form, we are not asking the underwriters to cede control,” he said. “We bring the underwriters to the table and use the form as a jump-off point for negotiations.”
IBM Corp. said in a research report that the financial and insurance sectors are those most targeted by cyber attackers, making up nearly 50% of the cases reported in 2014, reports Segs.com.br.