Insurance broker Marsh Risk, the Marsh subsidiary, announced that its Cyber ECHO facility now provides Marsh clients with up to $200 million of cyber insurance.
Marsh Risk describes Cyber ECHO as the largest cyber insurance facility of its kind in the insurance market, which is designed to mitigate clients’ most complex cyber and technology risk exposures.
Uniquely, Cyber ECHO now offers all clients a free coverage reinstatement option and a paid second reinstatement option for separate cyber events, as well as bursaries for risk management services to clients with premiums above $1 million, according to Marsh Risk.
Cyber ECHO’s unique reinstatement and bursary options are designed to enable clients to keep their coverage active for multiple incidents and reduce any gaps in protection, while improving their resilience to cyber threats in the longer term.
The previous iteration of Cyber ECHO’s reinstatement feature has already been used extensively by Marsh clients to maintain ECHO following cyber incidents.
Launched in 2016, Cyber ECHO has grown to become the cornerstone of Marsh Risk’s cyber risk insurance portfolio, securing to date in excess of $55 billion in cover for over 1,500 Marsh clients globally. Cyber ECHO draws on capacity underwritten by leading insurers operating in the Lloyd’s, company, and Bermuda markets to provide clients with enhanced flexibility and choice around capital deployment and global coverage, Marsh Risk said.
“Since its launch, Cyber ECHO has significantly broadened its scope, evolving into the world’s most comprehensive cyber insurance facility, offering unmatched coverage limits, diverse placement options, and innovative enhancements,” said Thomas Reagan, global cyber practice leader, Marsh Risk, in a statement.
“These latest enhancements to Cyber ECHO form part of the Global Cyber Practice’s annual product update, which ensures we are continuing to deliver competitive and, above all, effective solutions that enable clients to anticipate emerging vulnerabilities and manage their risks with greater optionality and flexibility,” Reagan said.
Serena France-Hayhurst, UK cyber placement leader, Marsh Risk, added: “In a world currently dominated by a hostile risk environment, cyber risk still remains one of the most critical threats facing organizations today, with the potential to cause severe operational and financial disruption, as well as extensive reputational damage. Cyber ECHO provides clients with greater certainty in dealing with ever-evolving cyber threats.”
Source: Marsh Risk
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