Zurich North America brought to market a cyber insurance module

Zurich North America, a cyber risk solutions provider, has brought to market a cyber insurance module aimed specifically at mid-market businesses.

The Zurich Cyber Insurance Policy – Concierge Suite includes cyber insurance coverage and loss-prevention and resilience services such as a breach coach along with a 24/7 cybersecurity hotline, the company said in a prepared statement.

Cyber Concierge, which can help businesses resolve both first-party cyber events and third-party claims, is available as a complement to other property or casualty coverage that a company already has with Zurich.

Zurich Concierge Suite provides a holistic approach, combining insurance, dedicated breach response services, and Risk Engineering to help businesses identify and respond to the challenges of today’s cybersecurity risks, including: 

  • First-party event – resolving cyber incidents directly impacting your organization, such as cyber extortion threats/attacks, privacy breaches, system failure, social engineering fraud, bricking of your computer system, digital asset loss, or business income loss from interruption of computer operations.
  • Third-party claims – responding to a complaint, subpoena, arbitration notice or demand letter from a claimant/attorney following a cyber-related event or wrongful act, including a regulatory proceeding or investigation by state attorney general or other regulatory industry official. 

Customers who purchase the policy are entitled to a complimentary on-boarding session with Zurich Resilience Solutions’ Cyber Risk Engineers, who can recommend appropriate steps to help prevent and recover from losses.

The insurance carrier said that it will continue to offer cyber insurance products and services for qualified larger companies.

What Cyber Concierge suite offers?

  • Triage when network security is threatened or under attack
  • Incident-response teams to identify attackers and contain the impact
  • Support in restoring and recovering critical operations
  • Assistance with data breach notification obligations and crafting an appropriate response
  • A dedicated Cyber Claims team that includes experienced attorneys with deep cyber knowledge and years of experience handling claims and helping in recovery

Many middle market companies want to improve cyber posture but lack the staffing, skills and tools to do so.

Alex Wells, who heads middle market at Zurich North America

In the unfortunate event of an attack, customers with the Cyber Concierge Suite don’t have to scramble to find reliable incident response services or worry about being gouged on price.

Alex Wells, who heads middle market at Zurich North America

Incident response and recovery and other essential services are built into this holistic solution.

Zurich pointed to a study by security provider Huntress that found middle market businesses are particularly vulnerable to cyber threats.

The survey of midsize businesses with less than 2,000 employees found that 27% of respondents had no cyber insurance coverage.

Also, 24% suffered a cyberattack or were unsure if they suffered a cyberattack in the previous 12 months.

The survey noted that 61% of these businesses do not have dedicated cybersecurity experts in their organization, and 47% do not have an incident response plan.

Nataly Kramer   by Nataly Kramer