Arch Capital Group division Arch Insurance Group has launched a new network security and privacy product dubbed Arch Netsafe 2.0.
Arch Netsafe 2.0 is designed to protect a company’s liability to third parties and their own business income and data asset loss from network security and privacy exposures (e.g. malware, denial of service attacks, cyber extortion, unauthorized access, violation of privacy laws, etc.).
Arch has been writing this type of coverage for over 10 years and was one of the first markets to offer comprehensive cyber coverage.
The new product, Arch Netsafe 2.0, will be available on a stand-alone basis or may be added by endorsement to the Arch Corporate Canopy private company management liability package policy.
Arch Insurance Group vice president and national cyber product manager James Schibuk said: “Arch Netsafe 2.0 covers many of the emerging network security and privacy exposures that middle market companies face that have not been adequately addressed by the cyber insurance marketplace.”
“This is a highly differentiated product because it includes coverage for regulatory fines and payment card industry assessments within the core Network Security and Privacy offering rather than excluding or sub-limiting them as many other policy forms do.
“Additionally, this product addresses the increasing risk that comes with the use of employee owned devices in the workplace.”
The Arch Netsafe endorsement for Arch Corporate Canopy provides the coverage equivalent to the stand-alone Arch Netsafe 2.0 policy with a separate limit available.
Arch Insurance Group growth and middle markets senior vice president Stephen Swartley said: “We are very excited about the capability to include cyber coverage as a separate coverage part via endorsement to the Arch Corporate Canopy policy and give our brokers and insureds flexibility in policy structure without sacrificing coverage.”
Policyholders will benefit from the web-based service– eRisk Hub, powered by NetDiligence, to assist them in their effort to effectively manage their enterprise network and privacy risk.
In addition, Arch has partnered with best-in-class providers of legal counsel, security consulting, computer forensics, credit monitoring, call center services and public relations to offer both pre and post-breach services to its clients.
The combination of services available to Arch clients creates an end-to-end solution in the mitigation and transfer of cyber related risk.
Arch Insurance Group is a member of Arch Capital Group, a Bermuda-based company that provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries.