Allianz launches Cyber Select new cyber solution for mid-corporate businesses
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.
If you would like to get in touch with Allianz to discuss their new cyber proposition CLICK HERE, leave a message and youTalk-insurance will pass your enquiry on
Authored by Allianz
Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz Group, a leading integrated financial services provider and the largest property and casualty insurer in the world. The mission of Allianz Insurance is to be the outstanding competitor in our chosen markets by delivering products and services that our clients recommend, being a great company to work for and achieving the best combination of profit and growth. We aim to achieve this by putting the customer at the heart of everything we do.
Allianz is able to offer customers a wide range of products and services including home and motor and commercial insurance with full range of products and service for sole traders' right up to large commercial organisations. Allianz Insurance employs over 4,500 people across a network of 20 offices in the UK and the company’s Head Office is situated in Guildford, Surrey. Our heritage and financial strength help make Allianz what it is today; a safe and trusted partner. Over 40 FTSE100 companies partner with Allianz. youTalk-insurance sharing Allianz Insurance news and video
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