Kingsbridge launches its Cyber Liability cover
TEAM service provider Kingsbridge has launched its new Cyber Liability cover, which is designed to proactively help and protect contractors manage and deal with a cyber attack or data breach. It follows a dramatic increase in the number of cyber security attacks on businesses and follows recent research from the Association of British Insurers stating that three quarters of UK SMEs have suffered security breaches in the last 12 months.
One of the key features of the new product for Kingsbridge’s customers is the inclusion of access to ReSecure, a 24-hour helpline and specialist cyber incident report service from professional services firm RPC. That support could prove invaluable in the event of an attack. ReSecure will help to determine the cause of the breach, assist in the recovery of any lost data and will help to restore any compromised systems to working order. It will also offer advice on any potential business ramifications that may arise as a result of a breach and will provide guidance on any regulatory or legal exposure policy holders may face.
The Cyber protection also provides cover in a number of other areas. Customers will have £25,000 to defend themselves against cyber extortion and ransom costs, alongside another £25,000 to assist with regulatory defence and penalties. A further £100,000 is available to offset against system and data rectification cost and £25,000 allocated to cover any business interruption costs.
Steve Wynne, CEO of Kingsbridge, commented, “We are living in a world where the constant threat of malicious cyber attacks is only increasing. As the recent incident involving the NHS has shown, we are vulnerable. With the growing reliance on digitalisation for contractors, freelancers and SME’s we felt that now was the right time to launch this relevant new product, designed specifically for freelancers and contractors.”
The Cyber product is underwritten by QBE Group.
Kingsbridge Group COO, Dorian Zanker, said, “The days of relying solely on antivirus software are gone. The number of advanced persistent cyber threats is rapidly going up and, as the recent report from the ABI noted, three quarters of SMEs are reported to have suffered a security breach in the last 12 months alone.
“Our Cyber Liability cover is designed specifically for contractors, giving them peace of mind that, in the event of a breach, they will be protected and guided by a team of dedicated professionals.”
The product is available as an add-on to new customers purchasing the standard Kingsbridge insurance package, as well as for any customers due to renew their cover. The annual cost of the policy is £74.50 (excluding Insurance Premium Tax), an extremely competitive price given the costs of other similar policies on the market.
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