UK-based general insurance company RSA Insurance Group has introduced a suite of coverage solutions for large, multinational businesses to protect against cyber security breaches.

RSA Group

Image: RSA Insurance to provide cyber insurance for multinational businesses. Photo: Courtesy of Ilya Pavlov/Unsplash.

This new product range is an extension of the existing cyber product portfolio for small and medium enterprises (SMEs), RSA Insurance stated.

It offers comprehensive cover, assistance with provision for risk assessment and management of all the post-event services, when a cyber event takes place.

The Cyber protection produce includes an option for a detailed cyber risk assessment to help identify and reduce potential cyber risks. The risk assessment service is provided by Deloitte and it enables companies to obtain valuable insight into their cyber security preparedness.

RSA Insurance will also provide a 24-hour incident response service, offered in partnership with Crawford & Company. This provides companies with immediate support when a cyber incident takes place.

The crisis response service will offer cyber events management and provide IT forensic investigations, regulatory and data subject notification, legal advice, reputational and PR management as part of a full suite of responsive services.

RSA Insurance group cyber director Nigel Pearson 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.”

The UK-based insurance company stated that cyber hygiene is essential for any business can help reduce the likelihood of a cyber event. Risk management which includes pre- and post-incident services, supported by a comprehensive cyber insurance policy is essential in today’s rapidly evolving landscape.

Andrew Johnson, cyber partner at Deloitte said: “Delivering a robust risk assessment to commercial customers in collaboration with RSA ensures their customers can take measures to minimise the risks they face and avoid costly claims arising from cyber breaches.”