Marsh launches cyber risk and data breach insurance

Insurance broking and risk advisory group Marsh has launched CyberShield, a cyber risk and data breach insurance policy for mid to large-sized organisations. Available globally to Marsh clients outside of the US, Marsh CyberShield can provide up to £500m (€581m) in cover for risks associated with cyber incidents and data breaches.

Underwritten by a leading Lloyd’s of London syndicate,Marsh CyberShield’s standard cover includes includes cover for:

• Liability to third parties, defence costs and regulatory fines in relation to data breaches; breaches of data protection legislation, including the European Union’s (EU) General Data Protection Regulation (GDPR); breaches of confidentiality agreements; network hijacking; and virus transmissions.
• Business interruption losses stemming from network interruption security failures, system failures, or operational errors.
• ‘Content injury’ liability to third parties and defence costs associated with publishing, broadcasting and/or advertising activities, and website content and/or functionality.
• Payment of extortion demands.
• Payment card industry (PCI) data security standards fines and assessments.