Willis Launches CyPro to Protect Businesses against Cyber Risks
London, UK, February 18, 2008 – Willis Group Holdings (NYSE: WSH), the global insurance broker, has launched a new facility to cover business interruption and recovery costs stemming from malicious and accidental loss of data. CyPro, Willis’ new suite of products, will help businesses avoid having to absorb the cost of data recovery and disruption themselves, therefore mitigating against the erosion of their balance sheets and the potential for public confidence in their brand being undermined.
CyPro has been specifically developed to help clients reduce their exposure to risks associated with technology use and incorporates a stand-alone 1st party non-damage Business Interruption cover. Recent high profile data privacy breaches have focused on potential 3rd party loss. CyPro offers a complete package with both 1st and 3rd party cover available. It provides financial assistance for firms left open to the costs associated not only with repairing systems and replacing data, but also mitigating reputational damage by, for example, employing the services of a public relations firm.
Terri Driscoll-Cooper, Business Development Director, FINEX Professional Indemnity explained: “In a competitive global market place, technology enables companies to become more efficient. Technology is now driving business, yet businesses have failed to change the way they insure against these new perils. Companies’ assets are moving from ‘bricks to clicks’ yet their protection against the enormous reliance on technology to run their business remains woefully inadequate.”
CyPro provides protection against intangible assets, and reduces liability exposures that traditional property and liability policies usually exclude. In addition, CyPro will include Recovery Costs and Business Interruption Loss where no physical damage to the system occurs.
FINEX is the Financial, Executive and Professional Risks division of Willis and has a team of nearly 300 professionals. FINEX provides sector-specific knowledge and understanding in order to deliver industry leading insurance programmes. It acts as a knowledge base for Willis worldwide, with teams of experts in specialist classes of insurance.
Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 300 offices in some 100 countries, with a global team of approximately 16,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.