Ascent announces the addition of physical damage cover to its flagship CyberPro product – part of its professional and non-tangible risks portfolio
With additional capacity provided by Munich Re, CyberPro now covers physical and property damage plus debris removal following an insured event. It bridges the gap between cyber and property policies that has created issues for insureds as the market looks to address 'silent cyber' exposures by restricting cyber coverage under property policies.
It is designed for businesses of all sizes; to date physical damage cyber has almost exclusively been available only on a stand-alone basis for very large corporations. Insureds are protected against cyber-triggered physical damage due to a range of causes, from malicious hacks to internal errors.
The development follows the appointment of Caspar Stops in October 2018 to spearhead the development of Ascent's cyber portfolio.
This enhancement of CyberPro is an exciting development and very timely.
We are seeing a shift in the market where coverage for cyber as a peril must be affirmatively given or not given within all insurance policies, not just cyber ones.
At the same time organisations are embedding technologies increasingly for business improvements and efficiencies, which has led to the creation of cyber physical systems throughout organisational infrastructure, and the emerging risk this presents.
“ CyberPro caters for a wide variety of network exposures, offering robust protection to insureds in areas of risk which the market has been slow to respond to. It's not a bolt-on cover, but bridges traditional physical-damage wordings with cyber cover in a highly effective, seamless integration of the two. ”