The product provides comprehensive privacy breach response management and information security insurance to enable policyholders to quickly return to business as usual, following a cyber-attack or data breach.
Cover includes first and third-party liability, cyber extortion, data protection loss, business interruption and provides policyholders with access to reputational risk management and cyber forensics expertise.
The Department for Culture, Media and Sport’s 2017 cyber-security breaches survey reported that almost half of all UK businesses surveyed identified at least one cyber-security breach or attack in the past 12 months, rising to two-thirds among medium-sized and large companies.
Ensurance’s new policy will be available to any business responsible for handling customer data, significantly expanding the company’s target market with another specialist insurance product.
The offering complements Ensurance’s existing portfolio of specialist construction and engineering products, adding to the range of policy options available for policyholders in the construction sector.
Ensurance executive chairman Tony Leibowitz said: “We are pleased to have expanded our specialist insurance offering with the launch of this cyber insurance product in the UK.
“This is the first of a number of new lines of business the company hopes to enter, as the management team looks for opportunities to broaden our customer base and offer specialist insurance products in emerging risks and underserved markets.”