Lockton Affinity will serve as the administrator for CyberLock Defense – a standalone cyber liability policy.
CyberLock Defense features options for more than 40 industry groups, including retail, industrial and manufacturing, financial services, and restaurants.
According to CyberLock Defense practice leader Jeff Severino, cybercrime is “the number one emerging insurance risk to most organizations,” citing statistics that show that over 50% of small and medium-sized businesses have experienced cyberattacks or breaches in the past year.
“We developed CyberLock Defense to protect businesses of all sizes with superior admitted coverage and an easy quoting and binding process,” Severino said in a statement.
The key benefits of the CyberLock program include:
- Broad first- and third-party coverage options to address cyber extortion, breach of data privacy, contractual liability, copyright infringement and rogue employees
- There are no sub-limits of coverage
- Combined single limits of liability available for all coverage, including cyber theft, social engineering loss, ransomware and more
- Also included is automatic business interruption expense and reputational harm coverage
- Policy limit options range from $100,000 to $10 million
- Quick and simple quoting and binding processes
- Policies are available in admitted, non-admitted, and/or on an excess basis