Marsh Launches Catastrophic Cyber Policy for Large Companies
New York | September 04, 2014
Marsh, a global leader in insurance broking and risk management and a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), announced the launch of a new cyber insurance policy that provides catastrophic protection for large companies seeking to better manage the growing threat of a cyber-related data disruption or unplanned technology outage.
Underwritten by leading cyber insurers and sold exclusively through Marsh, Cyber-CAT offers limits of more than $300 million in coverage above a minimum $100 million self-insured retention. In addition to high capacity, Cyber-CAT provides coverage over and above what standard cyber insurance policies offer including physical property damage resulting from a system failure.
“The costs associated with a major cyber-event or technology disruption can run into the hundreds of millions of dollars for large companies – even those with little to no ‘typical’ privacy exposure,” said Bob Parisi, Marsh’s Network Security and Privacy Practice Leader. “While many of these larger companies have sought protection from the cyber insurance market, coverage to date has often been insufficient. With Cyber-CAT, Marsh is able to offer the largest companies access to enhanced levels of coverage for the catastrophic data and technology risks they face, while also allowing them to manage the risk in a manner consistent with how they approach other operational risks.”
Cyber-CAT can be customized to include any or all of the following coverages:
- Privacy and security liability.
- Information assets.
- Business interruption coverage, including extra expense.
- Cyber extortion.
- Criminal reward fund.
- Crisis and event management.
More detailed information on the cyber risk landscape and key coverage elements of Marsh’s new propriety policy can be found in the Cyber-CAT brochure.
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.