Allianz launches cyber risk insurance product

By Mark Smith In Technology

Allianz Global Corporate & Specialty (AGCS) has launched a cyber risk insurance product to counter the growing threat to security faced by Australian businesses.

Allianz Cyber Protect has been launched to the Australian market to enable businesses to protect themselves against cyber criminals, data loss and the potential ramifications.

Businesses are being targeted by criminals using highly sophisticated cyber attacks such as denial of service (DoS), botnets, worms, spear phishing and drive-by exploits. Cyber crime and data breaches cost the global economy around $120 billion annually and are considered one of the top emerging risks for the 21st Century.

Allianz has called on all businesses to review their vulnerability to cyber attack and the financial and reputational damage it may cause.

“Companies are facing attacks on a daily basis and firms, such as online retailers that have a critical dependency on digital networks, may not be fully aware of how a cyber attack could be fatal to their business. Many cyber criminals are now hacking into the systems of SMEs as a way of ‘piggy-backing’ access to the systems of the larger companies they partner with,” Holger Schaefer, general manager of AGCS Pacific said.

Allianz is offering a comprehensive suite of three insurance products to address various first and third-party liability issues that can arise from a serious cyber attack or data breach. Offering cover up to a limit of $50 million, Allianz Cyber Protect provides different levels of business interruption cover that can be tailored to the client’s needs.

Allianz Cyber Protect clients also have immediate access to a crisis response team, which includes a panel of forensic IT experts who will work with them to manage a cyber incident.

Allianz has partnered with global consultants KMPG Forensic, Dell SecureWorks, Incoming Thought Ltd and E-merging Technologies Group Inc to provide this market-leading level of claims support.