The policy provides a comprehensive solution to protect middle-market businesses from costly incidents that aren’t covered under current policies.
PRODUCT: Resilience Cyber Policy
COMPANIES: Intact Insurance Specialty Solutions in partnership with program manager Resilience Insurance.
BEST RATING: A+
AVAILABILITY: Appointed agents and brokers
FOCUS: Resilience Insurance uses their patented Cyber Meteorology® data analysis to assess and contextualize an organization's cyber risk profile. The company then integrates their cybersecurity and cyber insurance experience to provide a comprehensive solution to protect middle-market businesses from costly incidents that aren't covered under current policies.
The products look to fill a gap known as “silent cyber," which is commonly a result of a lack of specific language around damage or not addressing the threat at all, leaving coverage open to interpretation and most often not in the favor of the policyholder.
The product provides companies with “a holistic approach to comprehensive cybersecurity risk management—bringing security measures and insurance solutions together to help companies be more secure," says Tom Gamble, global chief distribution officer, Resilience Insurance.
“Resilience is led by a combination of cyber military veterans, people who worked in the highest levels of government, and experienced insurance professionals—a first-of-its-kind combination in the market," Gamble says. “This offering is responding to the changing mindset among many companies that cyber risk needs to be addressed by chief information security officers and risk managers working together to improve their company's cyber resilience."
“Resilience is insurance plus security. As part of delivering on that promise, we designed a comprehensive yet streamlined policy that provides coverage across the entire lifecycle of a breach," he adds.
COVERAGE DETAILS: The Resilience Cyber Policy “mirrors the natural progression of an insured's risk following a cyber incident allowing for a more intuitive read and coverage that follows the claim," Gamble explains. “First, costs for the insured to deal with the incident itself. Second, losses incurred by the insured because of the incident. Third, the insured's liability to others as a result of the incident."
Coverages may include response costs; data recovery; hardware replacement; insured interruption; vendor interruption; extortion loss; bodily injury; regulatory defense & liability; and merchant services (PCI).
TARGET: Companies with revenues between $100 million and $5 billion.
COVERAGE AVAILABILITY: All 50 U.S. states.
CONTACT: Beatriz Datangel, head of marketing, Resilience.
Will Jones is IA editor-in-chief.