Marsh launches new cyber risk policy

A cyber risk and data breach insurance policy aimed at mid to large-sized organisations outside the US has been launched by broker Marsh. Underwritten at Lloyd’s, Marsh CyberShield can provide up to £500m in cover for risks associated with cyber incidents and data breaches.

The wording provides clients with access to 24/7, 365 days a year crisis response services, while allowing them a greater degree of flexibility by choosing only the coverage they require, Marsh said.

As standard, CyberShield includes cover for:

• Liability to third parties, defence costs and regulatory fines in relation to data breaches; breaches of data protection legislation, including the EU’s General Data Protection Regulation; breaches of confidentiality agreements; network hijacking; and virus transmissions;
• Business interruption losses stemming from network interruption security failures, system failures, or operational errors;
• Content injury liability to third parties and defence costs associated with publishing, broadcasting and/or advertising activities, and website content and/or functionality;
• Payment of extortion demands;
• Payment card industry (PCI) data security standards fines and assessments.

David Arnold, cyber, media & technology risks team leader in Marsh’s Financial and Professional Practice, said: “From operational or system errors, to nation state hackers, hacktivists and organised crime, businesses are now being subjected to an unrelenting onslaught of cyber risks.”