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U.K.-based insurer and reinsurer Brit Ltd. on Friday said it has expanded its global cyber coverage to protect businesses for losses arising from physical damage due to cyber events as well as business interruption, data privacy and cyber liability risks.
Limits of up to $150 million are available under the expanded Brit Cyber Attack Plus package, Brit said in a statement.
Brit will also offer businesses limits of up to $100 million for stand-alone, non-physical damage cyber coverage, including business interruption, data privacy and first- and third-party cyber liability coverage, the statement said.
Certain industry sectors, such as energy, industrial, manufacturing, utility and similar businesses will also have the option to buy physical damage coverage only, said a spokesman for Brit.
Additional features include risk management training tools and access to global cyber experts, including IT and forensic specialists, lawyers and crisis PR, according to the statement.
“Hackers are seeing increasing success in targeting organizations of all sizes, and using an attack to alter chemical mixes or take control of machinery is well within their capability,” Ben Maidment, London-based class underwriter for global cyber, privacy and technology at Brit, said in the statement.
“It is essential that brokers and their clients understand the inherent cyber risk from such events and ensure that any property damage from a cyber incident is fully covered,” he said in the statement.
Lloyd’s of London insurer Brit Ltd., a specialty insurer and reinsurer, has renewed and expanded its Versutus Ltd. sidecar and expanded capacity of syndicate 2988, Brit said in a statement Wednesday.