Travelers Europe launches enhanced cyber package

Travelers Europe has enhanced its combined cyber package for technology businesses in the UK and Ireland.

According to the provider, the new packaged product will provide improved protection against the cyber risks facing IT, communications and electronics manufacturing and assembly companies.

The insurer noted that the offering includes public and products liability, property damage and business interruption, employers’ liability, professional indemnity, cyber-media liability and network security insurance.

Threat
Mark Crane, technology practice lead at Travelers Europe, commented: “Cyber breaches can impact a company’s operations, finances and reputation, so it’s no wonder that more than 65 percent of technology firms view cyber risks as the chief threat to their business.

“This package helps technology companies protect their business and their hard-earned reputations as they manage through a cyber incident and get back to business as usual.”

Breach
Travelers detailed that the combined package includes:

• Network Security (cyber cover) – A first-party cyber insurance product designed to help customers protect their businesses when a data breach or an extortion demand is discovered.
• Professional Indemnity and Cyber-media Liability – Cover for intellectual property rights, legal fees and expenses, blended limits or separate limit towers, as well as some third-party fines and penalties.
• Data Breach Response Service – A 24/7 data-breach hotline is available to customers through a partnership with a leading law firm. Customers also have direct access to a range of specialist partners in areas such as IT forensics, public relations and denial-of-service attack response.
• Cyber Breach Coach – An initial consultation is provided to customers for each cyber event to help mitigate potential losses.

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