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Corvus introduces smart cyber insurance

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Corvus Insurance Holdings Inc. is releasing smart cyber insurance, offering broad cyber coverage to organizations with up to $1 billion in annual revenue, the company said in a statement Tuesday.

The coverage will feature “ongoing IT security scanning and scoring” designed to help predict and mitigate exposures, the statement said.

Corvus will create a risk score for each account, and the insurance includes coverage for contingent business interruption, system failure, social engineering attacks, ransomware, reputational loss and multimedia liability.

Smart cyber insurance policies are distributed by Corvus on a managing general agency basis with its partner, Hudson Insurance Group, the statement said. 

Hudson is a unit of Fairfax Financial Holdings Ltd.

“With smart cyber, we monitor IT security assets for vulnerabilities when we underwrite an account and on an ongoing basis,” Phil Edmundson, founder and CEO of Boston-based Corvus, said in the statement.