London-based insurance broker G&M International has announced the launch of its all-new cyber insurance policy whereby the business has created a package of valuable features designed to provide comprehensive cover and bespoke solutions for companies of all sizes.
Over the last couple of years there has been an enormous surge in cyber crime activity both here in the UK and around the world. This trend is set to continue to increase throughout 2019, with the risks and dangers posed to businesses and individuals alike now more apparent than ever before. Recent cyber attack headlines involving the likes of British Airways and the NHS have highlighted how susceptible organisations are to hackers. Therefore, it’s critical that today’s business take the necessary protective measures.
On Tuesday 29 January, Lloyds of London released its report entitled ‘Bashe Attack: Global Infection by Contagious Malware’. The study highlights how a global ransomware cyber attack could cost $193 billion and adversely impact more than 600,000 businesses worldwide, yet the global economy is underprepared for such an attack with 86% of the total economic costs uninsured, leaving an insurance gap of $166 billion. Read the full report here.
Philip Wildman, director of G&M International, said: “I’m very proud of what the team at G&M International have achieved with the launch of our new cyber insurance product. Many new and emerging digital threats face businesses today, and we’re glad to be working with renowned capacity providers to be able to give business owners peace of mind. Cyber attacks can come in many forms. The potential impact on businesses can be devastating regardless of their size. Being able to respond quickly makes all the difference. Our emergency breach control is available worldwide 24/7 to all policyholders.”
Detail of cover provided
The G&M International insurance package provides cover in the event of a security breach including protection for legal and regulatory costs, IT security and forensic costs and, importantly, crisis communication costs.
Most crucially, the cover also includes a 24-hour incident response service in partnership with Charles Taylor Adjusting providing companies with rapid support when an event occurs, potentially saving a business thousands of pounds in lost income and reputation.
*For a full description of what’s included in the policy and to read G&M International’s Best Practice advice for reducing cyber risk click here
**Part of the General & Medical Group, G&M International is a long-established player in the provision of specialist insurance services to businesses and professionals both within the UK and internationally. As a Lloyds of London-accredited broker, the company enjoys access to the full market, the business to support a worldwide client base with specialist and niche schemes