The new solution covers both first party losses and third party liabilities stemming from a cyber incident and protects from the risks associated with data management and data safety as well as the impacts of a network breach. If, for example, credit card data is stolen from a client's computer system, the extension would cover the damages to customers as well as the cost to the client of remedying the breach.
Two levels of protection are available to clients to meet their specific needs. Extension Cyber I offers a capacity of 1.5 million EUR, Extension Cyber II offers a capacity of 5 million EUR.
Daniel Maurer, Chief Underwriting Officer International Casualty, Insurance, explains: "Companies globally of all sizes are increasingly vulnerable to targeted cyber-attacks. The number of spear-phishing campaigns targeting employees, for instance, increased 55 percent in 2015."
He added: "With Extension Cyber I & II, we can now offer mid-sized and large clients in Spain, Switzerland, Germany and the Nordic region with a cyber coverage tailored to their particular needs."
This extension complements XL Catlin's existing stand-alone Cyber & Data Protection policy, managed by its International Financial Lines team.
About XL Catlin's Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.