Insurance agency Ensurance (ASX: ENA) has launched a potentially pivotal cybersecurity insurance solution which is set to expand its existing inventory of partnerships with some of the world’s largest insurance providers, including Lloyd’s, Swiss Re and XL Catlin.
The product was launched via the company’s wholly-owned subsidiary, Ensurance UK, and was underwritten by leading global speciality insurer Beazley. It is set to further extend its capacity to underwrite large wholesale policies globally.
The newly-launched product provides comprehensive privacy breach response management and information security insurance to enable policyholders to quickly return to business as usual, following a cyber-attack or data breach.
The policy is being made available to any business responsible for handling customer data, thereby expanding Ensurance UK’s target market with another specialist insurance product.
Furthermore, Ensurance says the offering complements the company’s existing portfolio of specialist construction and engineering products, adding to the range of policy options available for policyholders in the construction sector.
Tim James, CEO of Ensurance UK said that “as a specialist in construction, we understand the risks firms in this sector face with the data they hold and the potential impact on their business from any form of cybersecurity breach or attack. We have responded with a comprehensive product supported by Beazley that will offer flexibility on coverage and limits supported by excellent capacity.”
According to Ensurance, the offering is supported by a dedicated team of “experienced cyber breach professionals” who assist policyholders with incident investigation(s) and breach response.
The cover includes first and third-party liability, cyber extortion, data protection loss and business interruption and provides policyholders with access to reputational risk management and cyber forensics expertise.
The all-in-one solution seeks to reassure clients, securing their intellectual property and facilitating complete business continuity to reduce the impact of various data breaches.
According to recent research completed by the UK’s Department for Culture, Media and Sport last year, the problem of cybersecurity is affecting increasingly more companies with some critics claiming that the issue is reaching epidemic levels.
Research shows that 46% of all UK businesses surveyed identified at least one cyber-security breach or attack in the past 12 months while 66% of medium-sized businesses and 68% of large companies also reported data breaches.
“We are pleased to have expanded our specialist insurance offering with the launch of this cyber insurance product in the UK. This is the first of a number of new lines of business the company hopes to enter, as the management team looks for opportunities to broaden our customer base and offer specialist insurance products in emerging risks and underserved markets,” said Tony Leibowitz, executive chairman of Ensurance UK.
This morning’s news saw shares in Ensurance shares up 8.5% to reach $0.038.