JLT Specialty, a subsidiary of the British re/insurer specialist Jardine Lloyd Thompson Group (JLT), has rolled out exclusive cyber product for real estate market.
Known as ‘Real Estate Assurance for Cyber Threats (REACT)’, the new cyber insurance product deals with uninsured gaps in the real estate market for property owners, managers and investors, pension and investment funds.
Cyber-attacks: an evolving threat for businesses
Cyber-attacks are gradually emerging as threats for businesses, with the latest government research outlined that nearly half of UK businesses (43%) have fallen victim to cyber-attacks or security breaches.
The London-based insurer said that its REACT insurance has been created to enlarge a standard cyber standalone policy which provides coverage for business interruption and privacy related exposures.
In order to increase its coverage scope, the product will include new areas, including liability to tenants due to business interruption, property shutdown by health and safety executives and issues with building management systems operated by third parties, due to a cyber-attack.
JLT Specialty real estate team senior partner David Schofield said: “With vital systems such as sprinklers, locks and lifts becoming increasingly automated and connected, the rise in cyber intrusions and ransomware has become a real threat.
“Although advanced technology is vital in the early detection and prevention of cyber threats, wrap around insurance coverage is an essential line of defence.”
JLT Specialty cyber partner Jack Lyons said: “With high profile cyber-attacks continuing to hit the headlines and the increasing reliance on technologies for property management, we developed this new REACT product to provide clients with a robust and comprehensive solution, which fills a distinct gap in the market.”