Chartis is to begin offering its recently launched cyber protection package, CyberEdge, in 17 countries accross Europe.

“While companies understand the threat of a cyber attack or data breach, many remain unaware that the key to handling a data breach, to minimise financial loss and reputational damage, hinges on the speed and quality of response,” says Jamie Bouloux, cyber liability underwriting manager at Chartis in Europe. “A breach cannot be solved by financial means alone. What is required is a solution that deals with the reputational, regulatory and IT impact as well – a combination of traditional insurance cover and professional consultancy.”

CyberEdge covers a range of cyber threats faced by any organisation that deals with electronic information, from data liability and notification costs to network interruption and cyber extortion. It provides tailored third and first party coverages and specialist advice to prevent lasting financial and corporate damage.

“The imminent implementation of the new European Data Protection Framework puts the onus on all companies to notify affected individuals when there is a data breach and also imposes significant fines on companies for non compliance to the new laws. This creates logistical, reputational and financial issues,” adds Bouloux.

Chartis also plans to partner with a number of specialist firms to provide IT forensics, legal advice and reputation management. The first offers risk consultancy that can identify the extent of the security breach, return the client’s IT infrastructure to a stable and secure state and, most importantly, ensure necessary steps are taken to mitigate future attacks and the associated impacts. CyberEdge includes crisis management provided by partner companies to help safeguard reputation.

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