A new suite of products which are designed to enable medium to large corporations to protect themselves against the impact of a range of cyber risk, has been launched.
Insurance group Canopius has launched the set of cyber property products under the branding Canopius Cyber Property Damage Product Range (PDPR). The underwriter said the products will be sold “on a consultative basis and in close collaboration with brokers”.
As well as replacing cyber cover excluded from property policies following regulatory action to address the issue of ‘silent cyber’, Canopius say they will also protect clients against risks associated with the continued reliance on technology, expanding 5G coverage and an increase in automation, connected buildings and the use of IoT.
The PDPR provides up to a $25 million line and offers brokers a streamlined application process and access to seven underwriters in London available to service property damage enquiries.
Matt Northedge, global head of cyber at Canopius, said: “Regulatory intolerance for ‘silent cyber’ plus hardening property rates has created a cyber property coverage gap. These products endeavour to define this silence to help clients carve some of that back. It also mitigates against a multitude of potential risks stemming from the increased reliance on technology and automation across organisations’ computer networks.”
Studies suggest there could be as many as 43 billion connected devices by 2023, many of which will be low complexity devices used to monitor and control buildings and their environments. Such devices are creating a new vector for digital criminals looking to terrorise or defraud businesses and individuals.
Canopius said it had created the product suite based on an established rating model that combines historical data from the property market with cyber expertise. “This has created a consistent pricing strategy across the cyber property damage book. The new product range is designed with flexibility in mind, and Canopius’ underwriters will be able to work with clients to provide solutions appropriate to their exposure,” it added.
Camilla Walker, cyber underwriter at Canopius explained: “The products available from Canopius deliver bespoke coverage to clients that provide clarity and tackle the complexities created by the removal of cyber coverage from their traditional property insurance policies.”