RSA Beefs Up Cyber Security Insurance Offer for Business

Leading commercial insurer RSA has extended its suite of products to include cyber solutions for large and multinational businesses to protect against the growing threat of cyber security breaches in a more stringent regulatory environment.

RSA’s new cyber offering, an evolution of its existing cyber product for SMEs, has been designed to help companies when the worst happens by providing comprehensive cover, assistance with risk assessment, and provision and management of the post event services that a company needs following a cyber event.

Cyber Protection from RSA now provides standalone, comprehensive worldwide cover of up to £25 million in capacity, assistance with cyber risk management and a 24-hour incident response service. Coverage can be designed around the customer tailored to their business operations. Standard cover includes:

·        data liability and network security liability

·        multimedia liability

·        regulatory costs, fines and penalties

·        cyber business interruption and contingent business interruption

·        payment card industry expenses

·        cyber extortion and payment diversion fraud

·        breach response including notification costs, IT forensic costs credit monitoring costs (see product brochure for full list of response costs)

·        reputational and crisis management expenses

·        mitigation and emergency costs and expenses

The offering includes the option of a detailed cyber risk assessment to help companies identify and reduce potential cyber risks as part of their own risk management process. Supported by Deloitte, the risk assessment enables companies to gain valuable insight into their cyber security posture or preparedness. 

A 24-hour incident response service delivered in partnership with Crawford & Company ensures companies have immediate support when a cyber incident occurs. The crisis response service enables swift and efficient management of cyber events and provides IT forensic investigations, regulatory and data subject notification, legal advice, reputational and PR management as part of a full suite of response services.

Nigel Pearson, group cyber director at RSA, said: “Our cyber offering delivers comprehensive cyber protection for large companies in response to the clear growth in demand for comprehensive solutions that protect their assets, reputations and balance sheets when the worst happens.

“Public awareness of the risk that cyber threats pose is being driven by several factors including new legislation such as the General Data Protection Regulation (GDPR), high profile breaches, increasing focus on CEOs and boards to be aware of cyber protection and planning, and an increasing reliance on IT by businesses in all sectors.”

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