Cyber Select is a new proposition from Allianz Insurance that provides mid corporate businesses with comprehensive cyber cover, access to crucial prevention support and incident response services.
The speed of digital transformation presents businesses with a new level of risk as companies become ever more reliant on digital solutions and cyber-crime becomes ever more sophisticated and costly.
In 2018 the most common fraud in the UK was cyber-crime, with cyber incidents also topping the 2019 Allianz Risk Barometer as the key corporate risk for UK businesses. In this fast changing environment hackers are no longer concentrating on large corporate entities. The cost of cyber security breaches to the UK mid-market business is estimated to be £30 billion.
Allianz is an established presence in the cyber market and Allianz Global Corporate & Specialty (AGCS) has many years of experience in cyber insurance; protecting organisations against cyber-crime and digital threats. By partnering with AGCS and sharing expertise Allianz Insurance has been able to create a new product specifically for mid-corporates.
Allianz Insurance’s Cyber Select proposition offers customers the option of selectable limits and can be purchased as a standalone product, or packaged with property and casualty covers, depending upon the needs of the customer’s business.
Businesses will be insured against liabilities stemming from a cyber-attack, including costs and lost income, plus forensic IT and legal support in the event of an actual or suspected breach. There’s also access to a 24/7 incident response helpline, specialist claims team and free risk management support.
Comprehensive cover includes:
- Business Interruption cover – loss of profits due to unavailability of IT systems.
The indemnity period covers profits lost up to 180 days following the event, which automatically starts after 12 hours of business interruption.
- Privacy and confidentiality breach – covers the costs associated with a data breach
This covers the cost of damages (defence costs and those awarded) for the loss suffered by third parties as a result of a data breach, even when this does not result from a wrongful act.
- Data breach response costs – to help a business regain control
This includes regulatory and legal advice costs, call centre costs (a dedicated hotline to handle enquiries from customers and third parties) and credit monitoring costs of affected third parties.
As part of the crisis management cover where a breach occurs, or is suspected Cyber Select will cover the reasonable and necessary fees and expenses of an IT forensic expert to identify, contain and repair a breach.
Access to a panel of experts provides businesses with information to help reduce the likelihood of a breach occurring. This includes complimentary access to BitSight, a leading security rating provider who can give insights into the cyber security performance and vulnerabilities of a business.
Catherine Dixon, commercial underwriting director Allianz Insurance, commented: “For the first time data has overtaken oil as the most valuable resource and data loss can be costly financially and for the reputation of a business. The EY research revealed only 35% of organisations have cyber insurance which actually meets their needs and we believe brokers have a strong role to play in helping customers navigate this growing risk.
“Taking preventative steps is key, as Cyber hackers use sophisticated methods and businesses need to do all they can to stay one step ahead. Through our expert risk management panel, businesses can examine their system’s strengths and vulnerabilities to lower their overall risk. However, should a data loss or theft happen customers can be reassured that they also have access to specialist advice, support and cover to help them recover after a breach.
“Cyber Select is more than just insurance, it’s an opportunity to access a whole suite of experts who are specialists in helping businesses identify, detect and recover from cyber-attacks.”
Notes to editors:
Find out more details about the proposition by visiting Allianz EBroker.
1.Cyber Select is designed for a broad range of companies with a turnover up to £350m.
4.Grant Thornton UK LLP, July 2019
5.BitSight, allows customers to proactively identify, quantify, and manage their cyber security posture with industry-leading Security Ratings.
The information contained in this press release relates to Allianz Insurance plc. Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 12 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
Worldwide, AGCS operates with its own teams in 33 countries and through the Allianz Group network and partners in over 200 countries and territories, employing over 4,400 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2018, AGCS generated a total of €8.2 billion gross premium globally.
For more information please visit http://www.agcs.allianz.com/ or follow us on Twitter @AGCS_Insurance and LinkedIn.
The Allianz Group is one of the world's leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 673 billion euros on behalf of its insurance customers. Furthermore our asset managers PIMCO and Allianz Global Investors manage more than 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 80 countries achieved total revenues of 131 billion euros and an operating profit of 11.5 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
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This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
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