Articles - AEGIS launches first cyber insurance product

AEGIS London, a Lloyd’s of London syndicate, launches the first cyber insurance product to offer property damage, bodily injury, environmental pollution and cyber terrorism wrapped around existing policies.

 Cyber attacks will be the new ‘normal’ in 2015 with an increase in destructive attacks linked to on-going global conflicts.
 Partnership with PwC to provide incident response services for CyberResilience+ policyholders globally.
 Detailed review:
 AEGIS London has led the market in cyber insurance in 2014 as the first insurer to deploy in-house cyber security expertise and to now provide the most comprehensive cyber coverage available globally. The latest in an expanding product suite, CyberResilience+ now provides full cyber coverage for property damage, bodily injury, environmental pollution and cyber terrorism.
 This new approach is required as AEGIS London expects that the threat from nation states, such as Iran and North Korea, will grow to match that of Russia and China while criminal groups will continue to target payment cards and healthcare records.
 Rick Welsh, Head of Cyber at AEGIS London, said: “We know that networks and systems are being targeted in critical industries. Cyber and physical assets are continuously being compromised yet until now, insurers globally have not been able to provide the cohesive or holistic protection required”.
 Welsh added; “AEGIS London is the first insurer globally to unify (re)insurance capital and cybersecurity expertise to provide the type of insurance solution that industry and regulators expect from the Lloyd’s of London specialty market.”
 We expect the threat posed by activists to be eclipsed by cyber attacks perpetrated by groups linked with areas of geopolitical tension, such as the former USSR or contested regions, such as the South China Sea. We expect that organisations will be caught-up in the fallout of hybrid warfare – facing both physical and cyber attacks.
 Joe Hancock, Cyber Security Specialist at AEGIS London said:
 “Cyber attacks are the new normal. It is not enough to say ‘it won’t affect us’, ‘it wasn’t patchable’ or that an attack just wasn’t detected – businesses and systems now need to be resilient against the attacks that will occur.
 In the coming year AEGIS London expects to see attacks targeting operational systems, potentially causing impacts on health, safety and the environment. Current insurance policies are often silent on these potential exposures, or explicitly exclude them.
 Hancock added: “These attacks are now increasingly destructive as we have seen with the recent attack on Sony Entertainment. This trend is likely to continue, highlighting the need to respond to incidents rapidly”.
 CyberResilience+ is the first product to wrap around existing policies, while also provides the cyber incident response services that industry requires.
 In order to deliver these highly specialised services, AEGIS London has partnered with PwC, who will provide incident response and forensic services for CyberResilience+ policyholders.
 PwC has around 270 professionals in the UK specialising in cyber security and digital forensics, providing a dedicated incident response and threat intelligence capability, as well as advising businesses on legal issues and the broader impact of breaches on business performance and reputation.
 PwC’s global digital forensics and incident response footprint spans more than 37 countries, encompassing more than 650 staff across 55 forensic labs. PwC has also launched a new service, Breach Aid, to give emergency help to organisations facing a data breach or cyber attack, including by rogue insiders.
 James Rashleigh, PwC Forensics Director specialising in cyber incident response, said:
 “Time is critical if your network has been breached. Businesses that suspect they have suffered a breach need to be able to act quickly and decisively to contain the issue and limit the damage.
 “Our global footprint means that whether we need to deploy a team in London, or get boots on the ground in 15 countries, we have an unparalleled network we can mobilise rapidly. We have the cutting-edge skills and technology partnerships to handle even the most complex of incidents.”
 This combination of broad coverage for the cyber attacks of tomorrow and the global incident response expertise of PwC is unparalleled in the market.

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