GK General Insurance, GKI, has partnered with London-based company Tokio Marine Kiln and global reinsurance advisers Willis Tower Watson to bring a cyber insurance product to market.
The product, called Cyber Control, which becomes available on July 1, allows for the coverage of individuals and commercial entities with revenue below US$10 million.
Coverage, however, is offered as add-ons to existing policies that clients hold with GKI or with insurance companies that the GraceKennedy subsidiary intends to partner with.
“For the individual coverage, the person would have to have homeowners insurance with GKI; but for the commercial product, we are working with some brokers to provide their customers with coverage even though they may not have a policy with us,” GKI Risk and Innovation Manager Jordon Tait told the Financial Gleaner.
The insurance policy, which has standard limits of US$25,000 and US$50,000, is backed by Lloyd’s of London, a British insurance marketplace where members join hands as syndicates to insure and spread risks of different businesses, organisations and individuals. Tikio Marine Kiln offers specialist insurance globally, and reinsurance adviser Willis Tower Watson has a history of 180 years in business.
At a cap of US$25,000, individual coverage under Cyber Control provides insurance against cyberattacks; ransom demands from cybercriminals identify theft and cybercrimes, including phishing scams and credit card fraud. The premiums start at US$65 per year.
For commercial clients, Cyber Control will provide coverage for interruptions from security breaches; digital asset destructions; costs to manage data breaches, including IT forensic costs, fines and penalties resulting from security breaches and credit card fraud; damage and defence expenses from a legal suit associated with security breaches and infringement of offline/online media expenses, that is, liability and defence costs related to copying offline digital content, for example, the swapping of optical discs – DVDs and CDs – and online file-sharing and downloads.
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