Amid the rising tide of cybercrime and frequent hacking incidents, Vantage Group Holdings Ltd. (Vantage) has introduced U.S. primary cyber insurance to meet the growing demand for robust cyber risk management. This new coverage offers up to $10 million in capacity. It also marks an expansion of Vantage’s insurance capabilities in both the U.S. and Bermuda.
The primary cyber insurance aims to protect various industries, focusing on the technology sector. The coverage includes both first and third-party costs, such as technology errors and omissions (E&O), media, network security, and privacy liability. It also covers data breach notifications, credit monitoring, forensics, investigations, business interruption, data recovery, regulatory fines, and extortion threats.
Juliet White, Head of Cyber and Professions Errors & Omissions at Vantage, emphasized the need for effective risk management. “Cyber risk is rapidly evolving and demands stable, long-term partnerships for effective risk management,” she said. “Our team of experts is ready to meet the opportunity head-on. We’re excited to extend our capabilities into primary cyber and provide the protection that our clients need to grow their businesses.”
Vantage’s new offering is designed for clients with revenue of $3 billion and below. The company partners with specialists to provide incident response services, including call center monitoring, forensic accounting, forensic incident response, and public relations support.
This move follows Vantage’s introduction of excess cyber insurance capabilities in 2022, responding to increasing market demand and complex cyber risks.
Source: Vantage Risk Introduces U.S. Primary Cyber Insurance.
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