Date: 19/08/2013
By: Susy Chandler

Markel launches Cyber cover for UK professional services firms

Markel International, London, August 19, 2013 --- Markel International, the specialist insurer with a worldwide product portfolio, has launched a Privacy, Data-Breach and Electronic Risks (PDE) module for professional services firms in the UK, which provides additional cover to the professional liability policies offered by its London based Professional & Financial Risks team.

The cover protects businesses against a wide range of cyber risks and includes third party liability and first party costs arising from a data-breach, unauthorised IT systems access, and electronic media injury. The launch follows recent calls by MI5 and GCHQ for companies to take part in a “cyber governance health check” and an increasing awareness of the potential for data loss or network security breaches to threaten a business’s survival.  

James Hastings, Managing Director of Markel’s Professional & Financial Risks business, said: ”Cyber risk encompasses a whole host of electronic and non-electronic exposures. It is of increasing concern to businesses of all sizes and across all sectors. Data and IT systems are critical to all businesses and the loss or damage to either can result in significantly liabilities as well mitigation, rectification, legal and regulatory costs.”

He added: “Professional services firms have a great exposure to these risks as they are likely to hold personal, financial, medical or business critical client data. Access to resources to deal effectively with a data-breach or unauthorised IT systems access could be critical to the survival of a firm.”       

Cyber events are an hour-one issue so it’s important to act as soon as any problem is identified. The Markel PDE module offers access to a 24/7 crisis management response solution including IT and data security specialists, credit monitoring services and public relations and legal firms. The Markel PDE module provides cover for the following risks:

• Privacy and data breach liability

• Notification and response handling   

• Regulatory and response handling

• Rectification and increased costs of working

• Extortion threat response

• Electronic media liability

• Reputation protection

 

ENDS

 

For more information:

Markel International Michael Henman, Director of Communications 020 7953 6000   michael.henman@markelintl.com