Lockton launches business resilience insurance

Lockton has launched an insurance product called business resilience in partnership with Kiln, an international insurance and reinsurance underwriter.

The scheme is intended for clients with time critical networks and who have already invested in security prevention and business continuity planning.

Business Resilience offers businesses including financial services companies, healthcare providers, retailers and those reliant on the internet, protection in the event of a loss of data or network failure resulting from administrative mistakes, accidental damage or computer attacks.

This product is believed to offer very broad coverage with limits of up to $10m with Lockton and Kiln and, if necessary, another $20–$30m capacity from other London markets available to Lockton.

Emily Freeman, executive director, technology and media risks practice, Lockton, said: “Over the last ten years organisations have become heavily reliant on computer networks to support infrastructure functions and to transact business. Many firms simply would not be able to trade in the event of a system failure. While the creation of automated real time business processes has undoubtedly enabled significant improvement in productivity, this growing dependency brings with it great risk – the key is to get the business up and running as soon as possible.”