London based insurance broker G&M International have announced the launch of their new Cyber Insurance solution.
Over the last couple of years there’s been an enormous surge in cybercrime activity both in the UK and around the world. This is set to continue to increase throughout 2019, therefore the risk and danger to businesses and individuals is more apparent than ever before. Recent headlines including the likes of British Airways and the NHS have highlighted how susceptible organisations are to hackers, therefore it’s critical that protective measures are taken.
Just yesterday Lloyds released the report ‘Bashe attack: Global infection by contagious malware’. The study highlights how a global ransomware cyber-attack could cost $193bn and effect more than 600,000 businesses worldwide – yet the global economy is underprepared for such an attack with 86% of the total economic costs uninsured, leaving an insurance gap of $166bn.
Drawing on their many years of expertise in the industry, G&M International have created a package of valuable features that provide comprehensive cover and solutions for companies of all sizes.
Philip Wildman, director of G&M International said “I am very proud of what the team at G&M International have achieved with the launch of our new Cyber Insurance product. Many new and emerging digital threats face businesses today, and we are glad to be working with renowned capacity providers to be able to give business owners peace of mind.
Cyber-attacks can come in many forms, and the effects on a business regardless of its size can be devastating. Being able to respond quickly makes all the difference and our emergency breach control is available worldwide 24/7 to all our policyholders.
We look forward to providing the first class service that the G&M Group has built its reputation on over the last 30 years.”
The insurance package provides cover in the event of a security breach including protection for legal and regulatory costs, IT security and forensic costs and crisis communication costs.
Most crucially the cover also includes a 24-hour incident response service in partnership with Charles Taylor Adjusting providing companies with rapid support when an event occurs, potentially saving a company thousands in lost income and reputation. For a full description of what is included and to read our best practices for reducing cyber risk click
G&M International, part of the General & Medical Group, are long established players in the provision of specialist Insurance services to businesses and professionals both within the UK and internationally. As a Lloyds accredited broker, they have access to the full market enabling them to support a worldwide client base with specialist and niche schemes.