Local insurance provider GK Insurance (GKI) last week launched a new insurance product that aims to assist businesses and individuals with recovery after cyber-attacks.

The new insurance package is due to start on July 1.

The CyberControl policy offers policyholders a suite of services to safeguard themselves from the disruption and losses that stem from cyber-attacks, whether it has to do with one’s tech devices, loss of finances and identity theft.

Jordon Tait, GKI’s manager — Innovation and Risk who spearheaded the creation of the new policy, offered: “We’re in an age where, unfortunately, threats to cyber security have become the norm for both businesses as well as individuals especially in recent times, it’s no longer just a corporate-level issue. Individuals, just like businesses, have been facing significant losses from all manner of cyber risks such as online scams, debit or credit card fraud, identity theft, ransomware demands and more. It’s all very real and traumatic for the people affected.”

The new product comes via partnerships with London-based companies, Tokio Marine Kiln, a global specialist insurance company boasting revenue of £1.5B, and Willis Towers Watson, one of the world’s leading reinsurance advisors with a 180-year history.

The two types of coverages available are individual and commercial — and both are offered as add-ons as they are designed to enhance existing policies that clients hold, such as property or liability insurance, for fees starting from US$65.00 per annum for an individual policy and starting from US$150 per annum for a commercial policy, depending on the amount of coverage needed by the individual or business.

For individuals, the comprehensive policy available for a small additional premium will cover the costs of replacing the insured’s computer, laptop, tablet or mobile phone, and will even restore programmes on each, in addition to other threats for up to US$50,000. For businesses, the policy generally covers costs associated with business interruption, digital asset destruction, incident response expenses, regulatory defence and penalties, payment card industry fines and expenses, security and privacy liability, multimedia liability, and legal fees and suits.

A BREAKDOWN OF THE POLICY OPTIONS

INDIVIDUAL POLICY

CyberControl for individuals starts at US$65 per annum and provides coverage for:

Cyber Attack — Costs of restoring programs on the insured’s computer, laptop, tablet or mobile phone. If this cannot be done, the policy covers the cost of replacing the device and the costs of restoring programmes and personal data such as photographs, music and videos.

Ransomware — Access to a team of experts who will walk victims through the steps necessary to resolve incident and avoid paying ransom demands.

Identity Theft — Access to a toll free 24/7/365 helpline phone number to address any issues and concerns related to an identity theft. Including cost such as obtaining and reviewing credit report, placing fraud alerts and facilitating security freezes.

Cybercrime — Pay charges incurred, the funds transferred and the costs of replacing personal documentation because of phishing scams or credit card fraud.

COMPANY POLICY

CyberControl for companies, starts at US$150 per annum and provide coverage for:

Business Interruption —Loss of gross earnings and extra expense caused by either a mistake in the use of, or a security breach of the insured’s computer.

Digital Asset Destructions — Costs to restore or recreate data caused by either a mistake in the use of, or a breach of the insured’s computer system.

Incident Response Expenses — Costs to manage a data breach including IT forensic costs, public relations and legal expenses as well as the cost of notifying customers of the situation and providing credit or monitoring to them.

Regulatory Defence and Penalties — Fines and penalties resulting from a regulatory action following a security breach of the computer system or a breach of privacy

Payment Card Industry Fines & Expenses — Fines and expenses that relate to credit card breaches from non-compliance with payment card industry data security standards.

Security and Privacy Liability — Damages and defence expenses from a legal suit which the insured is legally obligated to pay as a result of a security breach or privacy breach.

Multimedia Liability — Liability and defence costs incurred as a result of infringement of offline/online media.