Contractor insurance specialist Kingsbridge has launched a new Cyber Liability cover, which is designed to proactively help and protect contractors manage and deal with a cyber attack or data breach. It follows a dramatic increase in the number of cyber security attacks on businesses and follows recent research from the Association of British Insurers stating that three quarters of UK SME’s have suffered security breaches in the last 12 months.
One of the key features of the new product for Kingsbridge’s customers is the inclusion of access to ReSecure, a 24-hour helpline and specialist cyber incident report service from professional services firm RPC. That support could prove invaluable in the event of an attack. ReSecure will help to determine the cause of the breach, assist in the recovery of any lost data and will help to restore any compromised systems to working order. It will also offer advice on any potential business ramifications that may arise as a result of a breach and will provide guidance on any regulatory or legal exposure policy holders may face.
The Cyber protection also provides cover in a number of other areas. Customers will have £25,000 to defend themselves against cyber extortion and ransom costs, alongside another £25,000 to assist with regulatory defence and penalties. A further £100,000 is available to offset against system and data rectification cost and £25,000 allocated to cover any business interruption costs.
Founded by CEO Steve Wynne in 2007, Kingsbridge Contractor Insurance is the UK’s market-leading provider of insurance services that are tailored to meet the needs of contractors, freelancers and independent professionals, as well as the compliance requirements of partners including recruiters and accountants. Working alongside its strong partner network, Kingsbridge covers the broadest range of industry sectors in its market, including aerospace, banking and finance, rail, automotive, nuclear, oil and gas and information technology.
As with the rest of the insurance products the company offers the Cyber Liability cover is good news for Kingsbridge’s partner network, allowing them to place their contractors with their end clients whilst protecting themselves. In a rapidly changing digital world, Kingsbridge see it as imperative that contractors hold adequate cover. Contractors with the right insurance in place help to reduce the liability burden that the companies placing them often face.
Steve Wynne, CEO of Kingsbridge comments: “We are living in a world where the constant threat of malicious cyber attacks is only increasing. As the recent incident involving the NHS has shown, we are vulnerable. With the growing reliance on digitalisation for contractors, freelancers and SME’s we felt that now was the right time to launch this relevant new product, designed specifically for freelancers and contractors.”
The Cyber product is underwritten by leading insurance specialists QBE Group, and is a timely addition to the Kingsbridge portfolio.
Kingsbridge Group COO Dorian Zanker said: “The days of relying solely on antivirus software are gone. The number of advanced persistent cyber threats is rapidly going up and, as the recent report from the ABI noted, three quarters of SMEs are reported to have suffered a security breach in the last 12 months alone.
“Our Cyber Liability cover is designed specifically for contractors, giving them peace of mind that, in the event of a breach, they will be protected and guided by a team of dedicated professionals,” he concludes.
The product is available as an add-on to new customers purchasing the standard Kingsbridge insurance package, as well as for any customers due to renew their cover.