Zurich North America, a cyber risk solutions provider, has brought to market a cyber insurance module aimed specifically at mid-market businesses.
The Zurich Cyber Insurance Policy Concierge Suite includes cyber insurance coverage and loss-prevention and resilience services such as a breach coach along with a 24/7 cybersecurity hotline, the company said in a prepared statement.
Cyber Concierge, which can help businesses resolve both first-party cyber events and third-party claims, is available as a complement to other property or casualty coverage that a company already has with Zurich.
Customers who purchase the policy are entitled to a complimentary on-boarding session with Zurich Resilience Solutions' Cyber Risk Engineers, who can recommend appropriate steps to help prevent and recover from losses.
The insurance carrier said that it will continue to offer cyber insurance products and services for qualified larger companies.
What Cyber Concierge Suite Offers
Some features of the Cyber Concierge Suite include:
- Triage when network security is threatened or under attack
- Incident-response teams to identify attackers and contain the impact
- Support in restoring and recovering critical operations
- Assistance with data breach notification obligations and crafting an appropriate response
- A dedicated Cyber Claims team that includes experienced attorneys with deep cyber knowledge and years of experience handling claims and helping in recovery
Alex Wells, who heads middle market at Zurich North America, said many middle market companies want to improve their “cyber posture” but lack the staffing, skills and tools to do so. As he explained:
"Cyber Concierge is here to help. In the unfortunate event of an attack, customers with the Cyber Concierge Suite don't have to scramble to find reliable incident response services or worry about being gouged on price. Incident response and recovery and other essential services are built into this holistic solution."
Middle Market Particularly Vulnerable
Zurich pointed to a study by security provider Huntress that found middle market businesses are particularly vulnerable to cyber threats. The survey of midsize businesses with less than 2,000 employees found that 27% of respondents had no cyber insurance coverage. Also, 24% suffered a cyberattack or were unsure if they suffered a cyberattack in the previous 12 months.
The survey noted that 61% of these businesses do not have dedicated cybersecurity experts in their organization, and 47% do not have an incident response plan.