We are excited to announce a new Coverage Enhancement Endorsement that will be automatically applied to every Cyber and Privacy Protection insurance policy issued by DUAL Australia going forward.
We are excited to announce a new Coverage Enhancement Endorsement that will be automatically applied to every Cyber and Privacy Protection insurance policy issued by DUAL Australia going forward.
This enhancement reflects our commitment to offering comprehensive, up-to-date coverage that addresses the latest cyber threats. In today’s rapidly evolving digital landscape, the nature of cyber risk is constantly changing. As cyber threats become more sophisticated, it’s crucial that Cyber insurance policy coverage keeps pace to provide the best possible protection for your clients.
The endorsement provides the following benefits for the DUAL Cyber insureds:
- Advancement of incident response expenses: Automatic cover for Response Costs incurred through an approved provider to investigate and response to a suspected covered event, without requiring a formal grant of indemnity
- Data breaches affecting data processors: Coverage for the insured's Response Costs and Liability resulting from a data breach affecting another business who holds data on behalf of the insured under contract
- Preventative shutdown cover: Business Interruption coverage resulting from the insured's own decision to shut down systems to mitigate a ransomware attack or other covered event
- Improved reputational damage coverage: Now triggered by media reports of an actual or alleged cyber event affecting the insured rather than a system outage
- Cryptojacking cover: Coverage for additional electricity costs resulting from unauthorised cryptocurrency mining on the insured's systems
- Improved hardware repair or replacement coverage
- A narrower bodily injury exclusion
The endorsement has also been carefully drafted to ensure it places no increased restriction on the previously existing levels of coverage available through the DUAL Cyber and Privacy Protection Policy.
The new Coverage Enhancement Endorsement is now live in the WebRater and will automatically apply to all renewals and new business quotes issued from today. If you have received a renewal or new business Cyber quote that is yet to be bound, please contact your DUAL underwriter to further discuss terms.