Insurer creates cyber liability unit

RLI Insurance Co. said that its executive products group has created a new business unit to offer cyber liability insurance.

The cyber liability unit will offer protection for exposures from adverse cyber events including data breaches, data loss, malware attacks, cyber extortion, and disruption of service, Peoria, Illinois-based RLI said Monday in a statement.

The unit will be led by underwriting directors Sean Scranton and Natasha Richard, according to the statement.

“These types of cyber threats and incidents are increasing in frequency, sophistication and volume and creating financial hardships for many companies,” Chad Berberich, vice president, executive products group said in the statement. “Our Cyber Liability unit will address this growing concern by offering critical protection for an organization’s intangible assets such as electronic data, software and intellectual property, which may not be covered under their current business insurance policy.”