Cyber policy created by Everest Re Group

Everest Re Group has created a new Everest Insurance Cyber ElevationSM Insurance Policy (Cyber Elevation).

The company claims that the new policy provides comprehensive cyber coverage and risk mitigation and remediation services to companies across all industry classes.

According to Everest Re the release of new policy comes at a critical time for many companies as they look to ensure network resiliency in the midst of an increasing number of cyberattacks targeting companies of all sizes. According to a recent CNBC survey, most chief financial officers identified cyberattacks as the number one risk factor facing their business.

“The cyber threat landscape is an evolving risk that permeates every level of a company. This creates challenges for many corporate leaders who may feel that they are in a race against time,” said Everest’s cyber insurance practice leader, Kevin Sherry. “Cyber Elevation was designed with the understanding that effective cyber insurance extends beyond coverage. It is about providing immediate access to a suite of comprehensive services from qualified providers to assist our insureds in responding to a cyberattack, while helping them build a resilient network to prevent future attacks.”

The company said that some of the policy features include: risk improvement incentive reimbursements for a suite of services, such as the development, review and testing of an incident response plan by top-tier service providers or an insured’s preferred vendors; social engineering coverage with reduced retention if a 24/7 hotline is called within 48 hours; risk management incentives and reimbursements for implementing any recommended system improvements or software patches in the midst of a ransomware outbreak; and reduced waiting period for business interruption loss if triggered by a distributed denial of service attack, such as attacks from multiple compromised systems that have previously caused disruptions on major internet platforms

“Everest is dedicated to bringing new and innovative products solutions to market that service our insureds’ actual needs,” said Keith Lavigne, head of management and professional liability for Everest Specialty Underwriters. “We are committed to helping our insureds grow in confidence with regard to their network defences and data protection. We look forward to partnering with them to solve their complex cyber insurance needs.”