Everest Re Group, Ltd., has launched a new cyber elevation insurance policy ("Cyber Elevation"), which, the company said in a statement, provides comprehensive cyber coverage and risk mitigation and remediation services to companies across all industry classes.
"The cyber threat landscape is an evolving risk that permeates every level of a company. This creates challenges for many corporate leaders who may feel that they are in a race against time," said Everest's cyber insurance practice leader, Kevin Sherry. "Cyber Elevation was designed with the understanding that effective cyber insurance extends beyond coverage. It is about providing immediate access to a suite of comprehensive services from qualified providers to assist our insureds in responding to a cyberattack, while helping them build a resilient network to prevent future attacks."
The company said that the new policy's unique features include:
- Risk improvement incentive reimbursements for a suite of services, such as the development, review, and testing of an incident response plan by top-tier service providers or an insured's preferred vendors
- Social engineering coverage with reduced retention if a 24/7 hotline is called within 48 hours
- Risk management incentives and reimbursements for implementing any recommended system improvements or software patches in the midst of a ransomware outbreak
- Reputation repair inclusive of ad spending, notifying the general public, and other costs
- PCI recertification costs
- Reduced waiting period for business interruption loss if triggered by a distributed denial of service attack ("DDOS"), such as attacks from multiple compromised systems that have previously caused disruptions on major internet platforms
- 24/7 incident response hotline with experienced privacy counsel including lower retentions for panel providers
- Coverage for non-panel providers
"Everest is dedicated to bringing new and innovative products solutions to market that service our insureds' actual needs," said Keith Lavigne, head of management and professional liability for Everest Specialty Underwriters. "We are committed to helping our insureds grow in confidence with regard to their network defenses and data protection. We look forward to partnering with them to solve their complex cyber insurance needs."
Learn more: www.everestre.com.