Arch Insurance Group, a division of Arch Capital Group Ltd., has launched its new network security and privacy product, which it calls Arch Netsafe 2.0.
In a statement, the company said that its new product was designed to protect a company's liability to third parties and its own business income and data asset loss from network security and privacy exposures (e.g. malware, denial of service attacks, cyber extortion, unauthorized access, violation of privacy laws, etc.).
Arch added that the new product will be available on a standalone basis or may be added by endorsement to the Arch corporate canopy private company management liability package policy.
“Arch Netsafe 2.0 covers many of the emerging network security and privacy exposures that middle market companies face that have not been adequately addressed by the cyber insurance marketplace,” said James Schibuk, vice president and national cyber product manager. “This is a highly differentiated product because it includes coverage for regulatory fines and payment card industry assessments within the core network security and privacy offering rather than excluding or sub-limiting them as many other policy forms do. Additionally, this product addresses the increasing risk that comes with the use of employee owned devices in the workplace.”
In addition, Arch said, it has partnered with best-in-class providers of legal counsel, security consulting, computer forensics, credit monitoring, call center services, and public relations to offer both pre and post-breach services to its clients. According to the company, the combination of services available to Arch clients creates an end-to-end solution in the mitigation and transfer of cyber related risk.