UK-based specialty insurer Brit has added physical damage arising from cyber-attacks to its Brit Cyber Attack Plus (BCAP) cybersecurity product.
Launched by Brit more than five years ago, the product integrates first and third-party cyber coverage with cover for physical damage and following interruption caused to the business from a cyber-attack.
The specialty insurer said that several energy, industrial, manufacturing, utility and similar businesses have operations that are heavily dependent on technology.
as per Brit, cyber policies usually cover the costs related to data breaches and IT system interruption, but they do not cover damage to buildings and equipment arising from a cyber-attack. Furthermore, any affirmative cyber coverage offered under ‘All Risks’ property polices is heavily sub-limited with non-affirmative or ‘silent cyber’ coverage increasingly being excluded and eliminated entirely, said the insurer.
Brit’s introduction of physical damage cover from cyber events alongside business interruption, data privacy and cyber liability coverage is limited up to $150m.
Additionally, BCAP now offers clients up to $100m coverage for both stand-alone, non-physical damage, cyber coverage along with write-back (CL380) optionality for certain specific industry sectors.
BCAP also offers customized solutions for individual sectors and the pressure points they face from cyber-attacks. Additional features include extensive risk management training tools and access to leading global cyber experts, including IT and forensic specialists, lawyers and crisis PR.
Brit cyber, privacy and technology class underwriter Ben Maidment said: “We are excited to launch the new features and increased sophistications of our BCAP product.
“We were proud to be innovators when bringing it to market as an industry first, and have continued to develop and improve our offering to ensure we can protect clients from all aspects of the cyber threat.”
“Today, this product is more relevant than ever. Hackers are seeing increasing success in targeting organisations of all sizes and using an attack to alter chemical mixes or take control of machinery is well within their capability.
“It is essential that brokers and their clients understand the inherent cyber risk from such events and ensure that any property damage from a cyber incident is fully covered.”