Ironshore’s financial and professional lines unit has launched a new cybercrime product for English and Welsh solicitors.
The insurer has partnered with Paragon Brokers, an independent brokerage based in London and Bermuda, to market the new product along with cyber monitoring and alert services (CMAS).
The company’s IronPro unit has tapped information security firm BorderHawk to offer CMAS that detects potential threat indicators that lead into a proactive indication and warning process for policyholders.
“CMAS generates and transmits a cyber risk warning alert to a pre-determined point of contact at the insured for immediate action in the event of a potential risk,” said Kurtis Suhs, IronPro global privacy practice leader.
“Cyber risk warning alerts signal potential vulnerabilities or threats associated with a specific IP address, thereby indicating heightened risk exposure to the insured,” Suhs added.
Commenting on the new product, BorderHawk president Steve Akridge said most organisations depend on “accidental discovery” to initiate investigations of malicious cyber threats.
“Ironshore clients will be notified when questionable activity occurs, providing a more responsive investigation when primary security tools do not recognize a potential threat,” he said.
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