Chemical Safety Incidents
Cyber Insurance Deal for Manufacturers
Monday, March 27, 2017 @ 01:03 PM gHale
Cyber insurance is becoming more of an issue throughout the industry, but the one thing that has always caused a problem is insurers not knowing how much protection a manufacturer needs and has.
Because damages caused by an attack can be widespread, massive, and highly correlated, affecting multiple sectors of the economy and many lines of insurance, the insurance industry is giving the risk heightened attention.
The UK insurance marketplace Lloyd’s, London and the University of Cambridge, for example, conducted a major study of the losses resulting from a hypothetical cyber-physical attack on 50 electrical generators in the Northeast U.S. Other insurance market participants have also published reports addressing cyber-physical risks to critical infrastructure.
Along those lines, Waterfall Security is partnering with CNA Hardy and THB to offer a cybersecurity protection package for industrial businesses.
The partnership offers customers installing Waterfall’s Unidirectional Gateway products the opportunity to insure their site with CNA Hardy’s cyber security coverage at a 30 percent discount offered via THB.
CNA Hardy is a commercial insurance provider for clients within the Lloyd’s and company markets, offering a portfolio of products. THB is an international insurance and reinsurance brokering and risk management group.
The collaboration is a result of understanding the need for more extensive cybersecurity coverage in industrial sectors. CNA Hardy decided Waterfall’s Unidirectional Gateway products provide protection that can help reduce a manufacturer’s attack surface.
The package, distributed exclusively through THB, includes CNA Hardy’s cyber technology and cyber insurance cover, which can receive a 30 percent discount when used in conjunction with Waterfall’s Unidirectional Security Gateway products.
The coverage includes:
• Cyber Loss or Damage – reasonable and necessary expenses, including forensic investigation costs, incurred during in the restoration of the network; information stored on the network; any other data, including insured’s own physical documents.
• Business Interruption and Extra Expense – reduction of business income sustained during a period of restoration due to the interruption of business operations; reasonable and necessary expenses in excess of normal operating expenses sustained during a period of restoration, in order to resume or restore business operations; forensic investigation costs incurred in relation to a claim for the above.
• Cyber Extortion – extortion money paid to a third-part extortionist, with the insurer’s prior consent, due to the imminent and probable danger of loss of or damage to network; loss of money or securities; defacement of website; forensic investigation costs incurred in relation to a claim for the above.
• PR Expenses – reasonable and necessary expenses approved by the insurer required to respond to adverse or unfavorable publicity or media attention resulting from a loss.