TMK LAUNCHES PHYSICAL DAMAGE CYBER COVER

London market insurer Tokio Marine Kiln (TMK) has launched a new cyber insurance product to cover physical damage resulting from a cyber attack. Cyber Ctrl PD+ provides affirmative cover for property damage and ensuing business interruption arising from a cyber attack, in addition to standard cyber insurance coverages, including privacy liability and non-damage business interruption. The product, which provides limits of up to $25m, is a response to the retrenchment of cyber cover in the property insurance market, which is creating gaps in cover, said TMK. “Cyber Ctrl PD+ is designed to fill that gap, but it is not merely a ‘wrap’ or ‘write-back’ product. Rather it is an evolution of our established Cyber Ctrl policy, providing clarity and certainty of cover in the event of a cyber physical damage incident,” said Paul Gooch, cyber underwriter at TMK.