XL Catlin Cyber & Technology has announced cyber endorsements tailored specifically for the financial, healthcare, retail and energy sectors. The extended coverages will address each industry’s cyber risks differently based on the risk exposes of that particular sector. “All businesses are growing more and more connected. Yet, they still have their own unique set of circumstances, largely based on the nature of their business and they need specifically tailored insurance to address their use of technology and the cyber risks it poses,” said John Coletti, chief underwriting officer of XL Catlin’s Cyber & Technology insurance business in North America. The unveiling of the endorsements comes at an appropriate time, explains Coletti, as DHS has deemed October the National Cyber Security Awareness Month. XL Catlin’s “cyber insurance industry-specific endorsements” provide the following protection for these industries:
Financial: “Data recovery expense, loss of business income and extra expense coverage for ATM Web-based controls, Interbank Messaging Systems and mobile banking platforms.”
Health Care: “Data Recovery expense, loss of business income and extra expense for medical devices connected to the internet and telehealth platforms. Expanded definition of Insured to include doctors, physician assistant, radiologist, social worker, nurse or other person providing professional services for the insured company under written contract.”
Retailers: “Third party liability coverage that addresses privacy and security wrongful act risks resulting from mobile sales technology. Coverage to address PCI DSS fines and costs as well as an exception to the Contractual Exclusion for breach of a merchant services agreement.”
Energy Providers and Utilities: “Loss of business income and extra expenses when a cyber-security breach results in a partial interruption or deterioration in the insured company’s business, a total or partial shut-down of a customer’s operations or reduces a customer’s consumption of service for the insured company; Expanded definition of Network to include Industrial Control Systems and exception to Contraction Exclusion for failure to supply power, gas, water or steam.”
Additionally, XL Catlin now offers complementary services to help organizations both increase their cyber resiliency on the front-end and be better prepared to respond to a cyber event if one were to occur. XL Catlin offers these services through their vendor partners Crowdstrike and Fidelis.