Insurer announces cyber cover for ultra-rich in the US

High net worth individuals have become targets for cyber criminals

Insurer announces cyber cover for ultra-rich in the US

Insurance News

By Terry Gangcuangco

Privilege Underwriters Reciprocal Exchange (PURE) and Rubica have partnered to offer individual cyber insurance with a $1 million coverage limit for US high-net worth individuals.

Called PURE Starling, the coverage is an optional endorsement on PURE’s homeowners’ policy. It is designed to provide high net worth individuals – who have become cybercrime targets because of their wealth – protection against losses caused by fraud and cybercrime.

Here are the features, and where Rubica steps in:
  • Online and offline fraud coverage – for incidents such as social engineering, unauthorised transfer or payment, forgery or alteration of checks, and acceptance of counterfeit money.
  • Cyber extortion coverage – provides immediate access to crisis management advice and, if payment is made, covers the payment amount.
  • Systems attack coverage – for the cost of a professional to reinstall damaged software, remove malicious code, reconfigure system or device, and replace electronic data.
  • Customisable levels of protection – coverage limits of $100,000, $250,000, and $1 million; availability of the latter two subject to no prior fraud or cyber incidents in the past 24 months, and availability of the highest limit also subject to active cyber monitoring solution subscription.
  • Active cyber monitoring – subscribing to Rubica or an equivalent service satisfies the risk management requirement for eligibility for the $1 million coverage limit.

“PURE has identified Rubica, innovators in the field of personal digital security, as a provider of active cyber security monitoring for high net worth individuals designed to reduce the risk of a loss from happening in the first place,” said the insurer.

Coverage is now available in Arizona, Connecticut, Colorado, New Jersey, South Carolina, Tennessee, and Wyoming. It will be rolled out in Illinois on November 03, and in New York, Florida, Texas, California, Massachusetts, and North Carolina on December 02. Additional US states will follow next year.

Rubica founder and chief executive Roderick Jones was with Scotland Yard’s Special Branch focused on international terrorism before moving to San Francisco.

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Chubb offers perspective on difference in cyber risk perception

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