Insurance company launches cyber risk product

Insurance company launches cyber risk product

Insurance company launches cyber risk product Allianz Global Corporate & Specialty (AGCS) has launched Allianz Cyber Protect to the Australian market to enable businesses to protect themselves against cyber criminals, data loss and the potential ramifications of a cyber incident.

The launch is a response to the growing cyber criminality threatening both corporates and SMEs.

Allianz is offering a comprehensive suite of three insurance products to address various first and third-party liability issues that can arise from a serious cyber attack or data breach. Offering cover up to a limit of $50m, Allianz Cyber Protect provides different levels of business interruption cover that can be tailored to the client‘s needs.

Allianz Cyber Protect clients also have immediate access to a crisis response team, which includes a panel of forensic IT experts who will work with them to manage a cyber incident.

Allianz has partnered with global consultants KMPG Forensic, Dell SecureWorks, Incoming Thought Ltd and E-merging Technologies Group to provide claims support.

Holger Schaefer, general manager of AGCS Pacific, added: “Reputation is an intangible asset, yet it is a decisive factor in a business’s future success. Irreversible damage can be done to a brand’s reputation if they do not have risk management and mitigation strategies in place to combat a data breach.

Moreover, the digital age has increased vulnerability with the potential for reputational harm via social media, which can carry information across the globe instantly. Allianz’s product suite includes the costs of crisis communication for the purpose of safeguarding the company's reputation.”

Allianz’s 2014 Risk Barometer report found that, for Australia, the risks associated with cyber crime, IT failures and espionage ranked fifth in terms of the risks facing Australian business. This category of risk did not even make the top ten in the 2013 survey. Loss of reputation/brand value ranked third in 2014, up from fifth in 2013.