DigitalResolve service includes five partners
Zurich Australia has become the latest insurer to increase its play in the cyber market, announcing the release of its DigitalResolve solution.
DigitalResolve is an add-on service, rather than a standalone cyber insurance product, to help clients reduce the impact of, and recover from, cyber incidents.
The service includes partnerships with suppliers including global claims management provider Crawford & Company, consultancy Control Risks, lawyers Norton Rose Fulbright, public relationship firm Fleishman Hillard and cyber security company FireEye.
In the event of a cyber incident the service providers work together to mitigate the risk of operational shutdown, supply chain disruption, customer and revenue losses, declines in productivity, regulatory fines, litigation claims, cyber-extortion payments and reputational damage.
Zurich Australia national underwriting manager for corporate institutions Kym Beazleigh said the global partners mean that “no matter where you have a breach in the world you can access someone in a very close jurisdiction to wher that breach occurs”.
He added: “While the impact to the bottom line can be detrimental, the ramifications of cyber incidents extend much further, including potential litigation and damage to reputation.”
“As well as building greater cyber risk resilience, organisations must plan for a coordinated recovery in the event of an attack, so that when breaches happen they can get the business back on track at full speed with minimum disruption.”
Zurich Australia & New Zealand executive general manager, Global Corporate, Giles Crowley said “one or two” new insurance products would also be announced in the next six months.