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March 16, 2022

Falvey Cargo Underwriting rolls out new cyber product

Falvey Cargo Underwriting, a division of Falvey Insurance Group, has launched a new cyber offering, Cyber for Cargo.

Free Whitepaper
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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

Offering limits of up to $5m, this new cyber cover can be bought mid-term.

The coverage comes as an add-on for all new as well as current Falvey Cargo marine and stock throughput policies.

This product offers coverage for physical loss or damage to goods due to any computer, computer system, computer virus, malicious code, computer software programme, computer process or any other electronic system.

Loss or damage to goods occurring directly or indirectly during the ordinary course of transit and/or in storage will be covered.

Falvey Cargo Underwriting noted that cyber exclusions apply to almost all cargo insurance policies following the adoption of the LMA 5403 Cyber Endorsement in 2019.

Falvey Cargo Underwriting vice president and national practice leader Graeme Schultz said: “Every day we read about a new cyberattack! It’s critical that our brokers on behalf of their clients find coverage for these threats within the end-to-end supply chain. Something as simple as a misdirected shipment into the wrong hands could cause significant financial loss, and we now have a solution.”

The company has selected Chaucer Group as its partner to bring the new cyber product as an exclusive solution to its customers.

Last month, Willis Towers Watson (WTW) and Falvey Cargo Underwriting collaborated to launch an affirmative cyber cover coverage solution that can address cargo and stock risks.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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