Bahrain: Trust Insurance Management launches new cyber products
Source: Middle East Insurance Review | Jul 2019
Trust Insurance Management (TIM) has concluded a coverholder agreement to underwrite cyber insurance products in cooperation and utilising the experience, expertise and capacity of the Tarian Consortium 9633 (a pool of Lloyd’s syndicates led by Beat Syndicate 4242).
Clyde & Co will provide the breach response and claim investigation.
TIM said the cyber products will initially target businesses in the GCC region, while non-property damage losses arising from cyber incidents are also covered. More specifically:
- Third party claims – covers the insured’s liability to third parties from a failure to keep data secure, such as claims for compensation by third parties, investigations, defence costs and fines and penalties from breaching the Privacy Act.
- First party costs – reimburses the insured for the costs they would incur to respond to a breach, such as IT forensic costs, credit monitoring costs, public relations expenses and cyber extortion costs (including ransom payments to hackers – to the extent insurable by Law).
- Business interruption – provides reimbursement for the insured’s loss of profits resulting from the breach, as well as any additional necessary expenses it may need to incur to continue business as usual.
Commenting on the recent development, TIM CEO Kamal Tabaja said, “Modern business is ever more reliant on technology and connectivity. A breach of data or a service shutdown can have a major risk and financial impact on businesses.
“As such, we are keen to serve the growing cyber insurance needs in the GCC region, brought about also by the growing awareness of privacy rights, multi-layered legislative approach to data protection laws, increased regional compliance, as well as extra-territorial GDPR implications.” M