New cover aimed at mid-sized and large companies and has a limit of £5m.

XL Catlin has added a cyber solution to its existing casualty insurance offering.

The provider stated that it had been designed for mid-sized and large companies that do not require a stand-alone cyber product and is offered as an extension to general liability policies.

It detailed that the extension is available to a range of industries and has a limit of £5m.

Covers include the risks associated with data management, data safety, the impact of a network breach and the various costs that may derive from a cyber incident, using a combination of third-party liability and first-party losses coverages.

Attacks
James Tuplin, head of cyber and technology, media and telecoms – international financial lines at XL Catlin, commented: “Companies around the world are increasingly vulnerable to targeted cyber-attacks.

“We regularly speak to companies that record thousands of attacks every year – sometimes every month.”

He continued: “Yet many UK organisations – particularly smaller companies with limited resources – still have some way to go in terms of measuring and quantifying their cyber liabilities.

“And in our experience, this is preventing many of them from transferring the risk to the insurance market.”

Exposures
Andrew Farmer, senior casualty underwriter, insurance, added: “We have introduced this endorsement specifically for clients that have not previously bought cyber insurance.

“Our expert underwriters have a well-defined and straightforward survey for clients to understand their cyber exposures, which helps first-time buyers access this coverage.”

XL Catlin also stated that this extension complements its existing stand-alone cyber and data protection policy, managed by its international financial lines team.

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