JLT launches specialist cyber cover for property market

JLT has today launched its new cyber insurance policy, Real Estate Assurance for Cyber Threats (REACT) to address uninsured gaps in the property market. This exclusive solution is designed for property owners, managers and investors, including pension and investment funds.

The new policy is designed to expand upon a standard cyber standalone policy that covers business interruption and privacy-related exposures. It will expand the coverage to include new areas that have never been covered under an insurance policy, including liability to tenants due to business interruption, property shutdown by a health and safety authority (eg UK’s HSE) and issues with building management systems operated by third parties as well as the insured, and loss of quiet enjoyment, arising from a cyber event.

Senior partner in JLT Specialty’s real estate team, David Schofield, said: ‘With vital systems such as sprinklers, locks and lifts becoming increasingly automated and connected, the rise in cyber intrusions and ransomware has become a real threat. Although advanced technology is vital in the early detection and prevention of cyber threats, wrap around insurance coverage is an essential line of defence.’

Cyber attacks are becoming an increasing problem for businesses, with the latest government research revealing that almost half of UK businesses (43%) have fallen victim to cyber attacks or security breaches. Each attack costs businesses thousands of pounds a year, with the most common breaches or attacks involving fraudulent emails, attempts by scammers to impersonate the organisation online and viruses and malware.

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