Validus Specialty Underwriting Services, Inc., has launched a standalone cyber insurance product focused on privacy and network protection coverage.

In a statement, the company said that the solution will meet the cyber risk challenges faced by U.S. companies with revenue between $150 million to $2.5 billion, and that it will "offer comprehensive cyber insurance protection with risk mitigation and remediation services."

"Cyber exposures change rapidly. Increasingly, businesses beyond the enterprise level understand robust cyber insurance solutions are essential to their risk management," said Jackie Lee, Validus Specialty's vice president of cyber technology and errors and omissions, "With this product, companies will have the protection they need, complemented by extended vendor services to help navigate incidents."

According to the company, the product was designed to provide cyber insurance protection across a range of client industries. It will be written out of Validus Specialty's operations.

Jonathan Ritz, the chief executive officer of Validus Specialty, added, "With this new cyber insurance product, our underwriters are meeting the needs of U.S. brokers and clients by broadening our suite of offerings yet again. I'm pleased to see this group consistently expanding; it's a lynchpin in our insurance growth strategy."