This complex dilemma has raised a potential catastrophic risk and there is no proper and adequate insurance coverage available in the market for its prevention. These attacks can be executed by a range of performers’ for instance frustrated employees, terrorists or even state-funded agents.
Brit PLC is a well recognized organization all across the globe for its specialty in insuring and reinsuring. The company has recently unveiled a unique insurance coverage service to provide safeguard to those companies which are committed in managing important infrastructure and industrial equipment from the access of activists and other denounce attacks; for example theft, damage and/or espionage.
This important and sensitive (very) infrastructure mainly operated with critical software generally recognized as industrial control systems, becoming vulnerable in front of malicious cyber violations take global economy under the threat of potential catastrophic risk. Currently, the insurance sector has insufficient security services to ensure the protection of critical infrastructures from various cyber breaches.
Brit’s product is considered as the means of blessings for many of the companies which provide full insurance coverage against business disturbances, compensation for reinstating digital assets, first party possession sabotage and settlement for consequential losses in business earnings. Moreover, the product also caters these businesses by offering inclusive cyber security risk management, back to back loss-alleviation and assessment services.
It has been designed specifically to provide insurance protection for large industrial companies, encompassing all aspects of the oil and gas sector (including exploration and production, refining, transportation, storage and other associated downstream marketing activities), the utilities sectors and other heavy industries.
In accomplishing this mission, Brit has tied with Coalfire, which is the leading independent cyber security and corporate governance auditor in North America, to offer third party cyber security risk inspection. Coalfire has a vast experience in dealing with commercial and industrial businesses to examine the competency and weakness of their cyber controlling systems.
Therefore, the collaboration with Coalfire is the most interactive step to create this service; mainly consisting of comprehensive and detailed assessments which are so far not available in the current insurance industry!
Brit is leading a number of Lloyd’s syndicates to offer first loss limits of up to $250m of first party cyber coverage. This innovative consortium draws on Brit’s experience of underwriting global first party property, energy and cyber classes, harnessing the capability of the Lloyd’s insurance market to develop innovative insurance solutions to emerging risks.
Brit is an honorable and leading organization that are facilitating all the businesses pertaining to its anti cyber-attack product. An award winning group declares in this critical domain of risk: it is among the bests in Lloyd’s. Mike Smith (Head of Wordings) and Russell Kennedy (War, Class Underwriter, and violence) are worthy authorities for the newly established product.
Russell Kennedy said, “The increasing risk of cyber attacks is the most important issue that is growing at a substantial pace. This complex dilemma has raised a potential catastrophic risk and there is no proper and adequate insurance coverage available in the market for its prevention. These attacks can be executed by a range of performers’ for instance frustrated employees, terrorists or even state-funded agents”.
Thus, this product gives a sigh of relief to many of the companies through critical protection and on-going risk inspection support from the cyber violence that could badly affect the financial ramification of operational activities.