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October 9, 2018

AT&T, Lockton Affinity, CNA partner on cyber insurance

AT&T and its subsidiary AT&T Insurance Agency have collaborated with Lockton Affinity and CNA to offer SME cyber insurance policies.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

Dubbed CNA Epack Extra, the offering will cover business interruption and extra expense. Moreover, network security liability, privacy injury liability, data restoration, and network extortion costs are covered. In addition, privacy regulatory civil fines, privacy event costs, as well as penalties, are also in the mix.

In all these areas, the policy will cover costs ranging from $250,000 to $10m.

SME cyber insurance

AT&T said that the policy will enable its business customers to reduce, monitor and also transfer cyber risk, including broad cyber insurance options through CNA.

AT&T Business vice president of cybersecurity solutions Danessa Lambdin said: “AT&T Managed Cybersecurity Solutions provide superior cyber protection, which is recognised by insurance industry leaders.

“By offering our customers a combination of cybersecurity technologies and access to broad cyber insurance through CNA, we’re providing them with more options to help protect themselves and recover from cyber-attacks.”

The new proposition will be brokered through Lockton Affinity and also underwritten by CNA for AT&T Cybersecurity Solutions.

CNA director and industry leader for cyber Brian Robb said: “By offering this policy with small and mid-sized business needs in mind, CNA is able to provide the coverage they need at a price that recognises the managed cybersecurity controls they have proactively implemented.”

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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