NEW YORK, Oct. 20, 2016 /PRNewswire/ -- As more businesses
become aware of their growing technology risks, XL Catlin's Cyber
& Technology insurance team has designed coverage specific to
their industry's needs, unveiling endorsements for financial
institutions, healthcare, retailers as well as energy and utility
companies.
According to John Coletti, Chief Underwriting Officer of XL
Catlin's Cyber & Technology insurance business in North America, "All businesses are growing
more and more connected. Yet, they still have their own
unique set of circumstances, largely based on the nature of their
business and they need specifically tailored insurance to address
their use of technology and the cyber risks it poses. As
October is officially National Cyber Security Awareness Month, it's
an especially appropriate time to introduce these tailored
insurance coverages, giving businesses more means to protect
themselves from today's growing cyber exposures."
National Cyber Security Awareness Month, coordinated by the US
Department of Homeland Security, aims to raise awareness about
cybersecurity, providing both public and private entities with
tools and resources needed to stay safe online, while increasing
the resiliency of the Nation in the event of a cyber-incident.
"These added coverages address the specific cyber &
technology risk exposures of industries that have quickly realized
their cyber exposures and are looking to effectively address
them," added Mr. Coletti. "XL Catlin has been a
pioneer in the cyber insurance market and we're intent on
continuing to create relevant cyber coverage to address our
clients' evolving needs."
XL Catlin's cyber insurance
industry-specific endorsements include such protection as:
- For Financial institutions: Data recovery expense, loss
of business income and extra expense coverage for ATM Web-based
controls, Interbank Messaging Systems and mobile banking
platforms.
- For Healthcare: Data Recovery expense, loss of business
income and extra expense for medical devices connected to the
internet and telehealth platforms. Expanded definition of Insured
to include doctors, physician assistant, radiologist, social
worker, nurse or other person providing professional services for
the Insured Company under written contract.
- For Retailers: Third party liability coverage that
addresses privacy and security wrongful act risks resulting from
mobile sales technology. Coverage to address PCI DSS fines and
costs as well as an exception to the Contractual Exclusion for
breach of a merchant services agreement.
- For Energy Providers and Utilities: Loss of business
income and extra expenses when a cyber-security breach results in a
partial interruption or deterioration in the insured company's
business, a total or partial shut-down of a customer's operations
or reduces a customer's consumption of service for the insured
company; Expanded definition of Network to include Industrial
Control Systems and exception to Contraction Exclusion for failure
to supply power, gas, water or steam.
In addition to industry specific tailored coverage, XL Catlin
has added complementary services through vendor partners
Crowdstrike and Fidelis to help these heavily targeted industries
mitigate their risk of a cyber security incident and be better
prepared to respond if an event occurs. These services
include cybersecurity questionnaires designed to help your
organization understand their incident response plan, your team's
readiness to respond to an incident as well as identifying areas
for improvement and industry best practices. PCI Compliance
Consultations are also available to help your business lay the
groundwork of a roadmap toward efficient compliance and security in
helping to identify sensitive data and what is needed to protect
that data.
XL Catlin's cyber insurance
provides broad coverage for data protection and privacy risks, both
for third-party claims and first-party mitigation costs following a
technology or cyber event. XL Catlin's North America Cyber & Technology
business is headquartered in New York
City with underwriting offices in Chicago, Washington,
DC and San Francisco.
About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty,
professional, financial lines and specialty insurance products
globally. Businesses that are moving the world forward choose XL
Catlin as their partner. To learn more,
visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand
used by XL Group Ltd.'s (NYSE:XL) insurance and reinsurance
companies which provide property, casualty, professional and
specialty products to industrial, commercial and professional
firms, insurance companies and other enterprises throughout the
world. Clients look to XL Catlin for answers to their most
complex risks and to help move their world forward. To learn more,
visit xlcatlin.com.
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SOURCE XL Catlin