Enhanced policy wording from Australian cyber specialist Emergence

Emergence Insurance, a specialist cyber underwriting agency based in Australia, has upgraded its policy wording to provide broader coverage and higher limits. Emergence said the new wording was developed in consultation with brokers and clients in response to the growing market need for more complete cyber protection. According to Emergence, the latest policy upgrade addresses concerns of companies and consumers about privacy and data breaches. Jeff Gonlin, Emergence’s head of underwriting and product development, said Australian businesses deserve better protection against business interruption, calling it “a fundamental need”. The new and enhanced policy features include: Preventive shutdown cover to enable smart insureds to take preventive measures before cyber events hit A preventive shutdown allowance to compensate for lost earnings and increased costs, and to provide independent security audits to assess threats System failure cover added to contingent business interruption to protect against failure of insureds’ IT infrastructure or IT infrastructure managed by external contractors Expanded cyber extortion cover to include threats against data held in insureds’ systems Privacy error cover protects against human error Privacy error cover includes non-electronic data Identity-theft response costs have been added to expand victims’ support from notification and monitoring, to help them re-establish their identities and records New identity-based theft cover compensates individuals, including employees, from direct financial losses from ID theft Most businesses must comply with the payment card industry data security standard (PCI DSS), but many do not; Emergence covers PCI liability but can go a step further, appointing an auditor to review PCI DSS non-compliance liability to prevent insureds copping potentially crippling fines. Emergence said its insured cyber events now include crimeware, cyber espionage, cyber extortion, denial of service, distributed denial of service, hacking, insider and privilege misuse, privacy errors, payment card skimming, point-of-sale intrusion and web app attacks perpetrated against insureds. “Our criminal financial loss cover protects against cyber theft, socially engineered theft, identity-based theft, telephone phreaking and cryptojacking,” Mr Gonlin said. He explained that brokers can quote and bind criminal financial loss limits up to $250,000 via an enhanced broker portal, and higher limits may be available on referral to Emergence underwriters. Emergence insureds can get policy limits up to $20m and excesses as low as $250. The online portal allows brokers to quote and bind for businesses with turnovers up to $75m. Higher turnovers are underwritten manually. He added: “A key point of difference with Emergence is instant access to a response team of experts who understand the importance of immediately mitigating potential threats to insureds’ businesses. Australian-based incident response and claims-handling teams are available 24/7/365 to minimise threats and support policyholders when cyber events occur.”

Enhanced policy wording from Australian cyber specialist Emergence

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