Brit to Launch Cyber Attack Product
September 15, 2014 - LONDON--(BUSINESS WIRE)--Brit PLC (“Brit” or “the Group”), a market-leading global specialty insurer and reinsurer, has developed a unique insurance service to protect companies operating critical infrastructure and industrial machinery from terrorist and other malicious attacks, such as sabotage, espionage and theft.
“The threat from cyber attacks is a fast emerging and complex one which presents potential catastrophic risk and for which there is currently inadequate insurance coverage. Attacks can be committed by an array of perpetrators such as terrorists, state-sponsored agents or even disgruntled employees.”
Critical infrastructure, operated through complex software known as industrial control systems, is increasingly vulnerable to malicious cyber breaches presenting the global economy with potential catastrophic risk. To date, the insurance market has offered inadequate security to protect against this type of cyber vulnerability.
Brit’s product gives companies insurance cover for first party property damage, business interruption, the cost of restoring digital assets and reimbursement for resultant business income losses. In addition, it provides comprehensive cyber security risk assessment, on-going loss mitigation and inspection services.
The product has been designed specifically to provide insurance protection for large industrial companies, encompassing all aspects of the oil and gas sector (including exploration and production, refining, transportation, storage and other associated downstream marketing activities), the utilities sectors and other heavy industries.
In creating this product Brit has partnered with Coalfire, North America’s largest independent cyber security and corporate governance auditor, to provide 3rd party cyber security risk assessment. Coalfire is highly experienced in working with industrial assureds to assess the adequacy and vulnerability of their control systems.
The partnership with Coalfire is an important part of the Brit product offer giving detailed and in-depth analysis not currently available to the insurance industry.
Brit is leading a number of Lloyd’s syndicates to offer first loss limits of up to $250m of first party cyber coverage. This innovative consortium draws on Brit’s experience of underwriting global first party property, energy and cyber classes, harnessing the capability of the Lloyd’s insurance market to develop innovative insurance solutions to emerging risks.
Brit is a respected lead syndicate in all lines of business that are relevant to its new cyber-attack product. An award-winning claims team in this complex emerging risk area, it is one of the most experienced teams in Lloyd’s. Russell Kennedy (Class Underwriter, War and Terrorism) and Mike Smith (Head of Wordings) are responsible for the new product.
Russell Kennedy said, “The threat from cyber attacks is a fast emerging and complex one which presents potential catastrophic risk and for which there is currently inadequate insurance coverage. Attacks can be committed by an array of perpetrators such as terrorists, state-sponsored agents or even disgruntled employees.
This product gives companies the vital protection and ongoing risk assessment support they need against attacks where the ramifications, financial and operationally, can be disastrous.”
Matthew Wilson, CEO, Brit Global Specialty, added: “At Brit, we are constantly looking at ways to innovate and develop new products within the specialty insurance space. The cyber attack cover brings to the market a unique product offer which has been developed by a highly experienced team at Brit in partnership with Coalfire’s expert knowledge of cyber security. Alongside the support of our consortium partners this product offers significant new protection and support to clients in this complex emerging risk.”
About Brit plc
Brit PLC is a market-leading global specialty insurer and reinsurer, focused on underwriting complex risks. It has a major presence in Lloyd’s of London, the world’s specialist insurance market provider, with significant US and international reach. The Brit Group underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Its capabilities are underpinned by robust financials. Brit PLC is listed on the London Stock Exchange. www.britinsurance.com
Coalfire is a leading, independent information technology Governance, Risk and Compliance (IT GRC) firm that provides IT audit, risk assessment and compliance management solutions. Founded in 2001, Coalfire has offices in Dallas, Denver, Los Angeles, New York, San Francisco, Seattle, Washington D.C. and England and completes thousands of projects annually in retail, financial services, healthcare, government and utilities. Coalfire’s solutions are adapted to requirements under emerging data privacy legislation, the PCI DSS, GLBA, FFIEC, HIPAA/HITECH, HITRUST, NERC CIP, Sarbanes-Oxley, FISMA and FedRAMP. www.coalfirelabs.com
For further information contact:
+44 (0)20 7404 5959
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