Global advisory, broking and solutions company WTW has introduced ICF, a new primary cyber and tech errors & omissions (E&O) offering.  

ICF is designed to assist the broker’s international clients with revenues up to $1bn, based outside of the UK and the US, in addressing their existing and emerging cyber threats. 

It offers a tailored solution, protecting against a range of cyber risks including malicious acts, non-malicious acts and technical lapses.  

The new proposition provides cyber incident response costs, which cover legal advice, IT forensics, crisis communication costs and business interruption cover, along with data and cyber restoration. 

It offers up to $20m in primary coverage and enables worldwide coverage, with the exception of the US and Great Britain. 

ICF also provides shared risk capabilities, with support from specialised Lloyd’s syndicates. 

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By GlobalData

WTW head of wholesale cyber Adrian Ruiz said: “Our annual D&O [directors & officers] surveys consistently see cyber risk as a significant concern. The increased investment in AI [artificial intelligence] is also causing emerging cyber risks so it is essential that we develop solutions which can meet the needs of clients in different territories.  

“The evolving cyber risk environment creates a need for a clear, flexible and relevant solution which can be tailored to our client needs. The ICF offers our international clients access to extensive cyber coverage for both established and emerging cyber threats.” 

Earlier this month, WTW launched a parametric insurance policy, aimed at protecting the coral reef system of the South Pacific Ocean’s Lau Group of islands.  

The parametric programme is designed to provide timely payouts to help the islands withstand the adverse impacts of cyclones and manage natural resources effectively.