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Insurance benefits for high security networks

Lockton : 03 September, 2007  (New Product)
Lockton offers improved insurance deals for companies investing in improved network security.
Lockton has designed an exclusive insurance product called Business Resilience in partnership with Kiln, an international insurance and reinsurance underwriter. The scheme is intended for clients with time critical networks and who have already invested in security prevention and business continuity planning.

Business Resilience offers businesses including financial services companies, healthcare providers, retailers and those reliant on the internet, protection in the event of a loss of data or network failure resulting from administrative mistakes, accidental damage or computer attacks.

This product is believed to offer very broad coverage with limits of up to $10million with Lockton and Kiln and, if necessary, another $20 - $30 million capacity from other London markets available to Lockton.

Emily Freeman, Executive Director, Technology and Media Risks Practice, Lockton, says: "Over the last ten years organisations have become heavily reliant on computer networks to support infrastructure functions and to transact business. Many firms simply would not be able to trade in the event of a system failure. While the creation of automated real time business processes has undoubtedly enabled significant improvement in productivity, this growing dependency brings with it great risk - the key is to get the business up and running as soon as possible.

"While firms may have security prevention and business continuity plans in place, they may not realise that even though their hardware is protected, the loss of data and ensuing costs to restore the network and minimise additional damage from damage caused, is not. We conceived Business Resilience to help meet the growing demand to protect companies against these emerging technology risks. The key is to get the business up and running as soon as possible and this product makes this happen in as little as four hours after the initial security breach and it's suitable for businesses ranging from independent florists reliant on internet sales, to major financial institutions using IFAs to distribute their products."

Business resilience provides cover against:

* Data/electronic information loss - the cost of retrieving data destroyed, damaged or corrupted due to a computer attack.
* Business interruption or network failure expenses - for a computer attack and other human-related perils.
* Cyber-extortion - both for the cost of investigation of the extortion demand and the demand itself.

In addition, it offers:.

* Coverage including admin or operational mistakes as defined and aspects of accidental damage or destruction, not just computer attacks.
* Outsourcing/off shoring risks- contingent business interruption and data damage.
* Reimbursement for employee working time to replace, restore or recreate electronic data.
* No sub-limit for virus exposure.
* Clear and concise wording that can be understood easily.
* Expanded coverage and limits for customer notifications and public relations expenses.
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