US security chief teams up with Lloyd’s on cyber offering

US security chief teams up with Lloyd’s on cyber offering | Insurance Business

US security chief teams up with Lloyd’s on cyber offering
Former US homeland security chief, Tom Ridge, is working with Lloyd’s of London to launch an insurance company, focusing on a cyber insurance offering, according to reports.

Ridge was appointed to manage US domestic security but ex-president George W Bush in the wake of 9/11. He was also a cyber-security co-ordinator for President Barack Obama.

Ridge Insurance Solutions will focus on proving cover for SMEs, primarily in financial services, retail and healthcare, that will be able to purchase policies covering costs that arise from cyber-attacks of up to US50m, according to the Financial Times.

He told the newspaper that there’s a “dangerous” gap in the existing cyber insurance market.