Global precedent of cyber insurance coverage
Waterfall Security is proud to partner with Lloyds of London syndicated insurance and brokerage companies to provide a new cyber security protection package for industrial businesses around the world. This partnership sets a global precedent in the world of insurance and cyber security protection, offering all customers installing Waterfall’s cutting edge Unidirectional Gateway products the opportunity to insure their site with market leading cyber security cover at a 30% discount.
The commercial insurance provider for clients within the Lloyd’s and company markets is offering a highly specialized and comprehensive portfolio of innovative and market leading products. The brokerage company is a specialist international insurance and reinsurance brokering and risk management group, with over 700 staff around the world.
This collaboration was born out of a mutual understanding of the need for more extensive cyber security coverage in industrial sectors. The Lloyd’s syndicated company recognized this need, and upon introduction to Waterfall Security, felt completely assured that Waterfall’s Unidirectional Gateway products provide the highest level of protection available on the market, enabling the offer of extensive coverage at a significant discount.
The coverage includes:
Cyber Loss or Damage – reasonable and necessary expenses, including forensic investigation costs, incurred during in the restoration of: the network; information stored on the network; any other data, including insured’s own physical documents.
Business Interruption and Extra Expense – reduction of business income sustained during a period of restoration due to the interruption of business operations; reasonable and necessary expenses in excess of normal operating expenses sustained during a period of restoration, in order to resume or restore business operations; forensic investigation costs incurred in relation to a claim for the above.
Cyber Extortion – extortion money paid to a third part extortionist, with the insurer’s prior consent, due to the imminent and probable danger of: loss of or damage to network; loss of money or securities; defacement of website; forensic investigation costs incurred in relation to a claim for the above.
PR Expenses – reasonable and necessary expenses approved by the insurer required to respond to adverse or unfavorable publicity or media attention resulting from a loss.