The Travelers, a US-based property and casualty insurer, has introduced CyberRisk, a new product dedicated to limiting client cyber exposures and managing associated risks.
The CyberRisk policy was designed to provide a comprehensive solution with both the flexibility and scalability to meet the needs of companies of all sizes across all industries.
The insurer said CyberRisk will be offered through its suite of management liability products including Wrap+ for Private & Non-Profit Organizations, Executive Choice+ for Public Companies and SelectOne+ for financial institutions.
According to the Travelers, the CyberRisk policy can be customized by the insureds according to their need based on 10 coverage options which address exposures and the effects associated with a cyber-related events.
Third Party Liability coverage include: network and information security; communications and media liability; and regulatory defense expenses.
First Party coverage include: crisis management event; security breach remediation and notification; computer program and electronic data restoration; computer fraud; funds transfer fraud; e-commerce extortion; and business interruption and additional expenses.
Travelers Bond & Financial Products CyberRisk product manager Jason Glasgow said with cyber exposures growing more visible, Travelers CyberRisk is an essential tool to protect businesses of all sizes.
In addition to this new product, Travelers offers cyber liability coverage designed to the needs of technology and public sector customers.
A recent study found that the average cost of a data breach in 2010 was $7.2m. Another study reveals that there were 515 million records breached in the US alone through 2010.