Enhanced Cyber insurance coverage

Written by DUAL | Jun 5, 2024 11:40:00 PM

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 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.

If you have any queries on the new coverage enhancement endorsement or on DUAL’s Cyber insurance and Privacy Protection policy generally, please contact your local Underwriter today or visit our website.

*This change is subject to DUAL’s underwriting criteria and may be amended, withdrawn, or varied at any time without prior notice. Changes may occur due to shifts in market conditions, claims experience, regulatory updates, or internal risk appetite.

Any product information discussed in this blog is subject to the terms and conditions of the policy, eligibility criteria, any additional premium for optional cover, limitations and exclusions.

The information contained in this blog is intended for licensed insurance brokers and other authorised intermediaries only. DUAL issues insurances on behalf of Certain Underwriters at Lloyd’s of London and/or Allianz Australia Insurance Limited, acting as their agent. The information is of a general nature and does not take into account the objectives, financial situation or needs of any person. It is intended for the use of professional intermediaries who are expected to consider whether it is appropriate for their clients. Before recommending or offering any insurance product, intermediaries should read the policy wording, relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) and assess whether the product is suitable for their client’s circumstances. These are available on request or via our website at DUAL Australia.

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