Allianz launches new cyber crime policy

Insurer Allianz Global Corporate & Specialty (AGCS) has launched a cyber liability policy called Allianz Cyber Protect.

The insurer says the new offering allows businesses to protect themselves against cyber criminals, data loss and the potential ramifications.

The three key elements of Allianz Cyber Protect are:

• A policy offering cover up to a limit of €50m (£41.8m) and covering a “broad range” of cyber exposures.
• Three levels of business interruption cover that can be tailored to the client‘s needs.
• Immediate access to a crisis response team, in partnership with global consultants KMPG Forensic, Dell SecureWorks, Incoming Thought and E-merging Technologies Group.

Allianz said it launched the new product in response to the growing threat to corporate and SMEs from cyber crime, which costs the UK economy an estimated £27bn a year.

Companies are being targeted by criminals using a range of methods including denial of service, botnets, worms, spear phishing and drive-by exploits.

AGCS’s head of cyber Nigel Pearson said: “Recent government statistics have shown 93% of large UK companies and 87% of smaller businesses have experienced a data breach in the past 12 months.

“Companies are facing attacks on a daily basis and firms, such as online retailers, where the business has critical dependency on digital networks, may not be fully aware of how a cyber attack could be fatal to their business. Many cyber criminals are now hacking into systems of SME firms as a way of ‘piggy-backing’ access to larger companies they partner with.”

“Data protection legislation around the globe is changing rapidly. Within the next few years new legislation will be in place in the European Union, which will significantly increase the financial burden placed on companies. Under new proposal from the EU, companies could be fined up to 2% of their turnover.”