Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 22nd of May 2019
February 19, 2008

Willis launches CyPro to cover data loss

by Gill Montia

Story link: Willis launches CyPro to cover data loss

Willis has launched a new range of products that cover business interruption and recovery costs caused by malicious and accidental loss of data.

CyPro is designed to protect businesses against having to absorb the cost of data recovery and disruption and has been specifically developed to help clients reduce their exposure to risks associated with technology use.

It also incorporates stand-alone first-party non-damage Business Interruption cover.

In recent months, a number of high profile cases of data privacy breaches have focused on potential third-part loss, whereas CyPro offers a complete package with both first and third-party cover available.

It provides financial assistance for not only repairing systems and replacing data, but also reducing damage to reputation.

In the case of the latter it will, for example, pay for the services of a public relations firm.

Terri Driscoll-Cooper, business development director, at FINEX Professional Indemnity comments: “Technology is now driving business, yet businesses have failed to change the way they insure against these new perils. Companies’ assets are moving from “bricks to clicks” yet their protection against the enormous reliance on technology to run their business remains woefully inadequate.”

 

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