Allianz Global Corporate & Specialty (AGCS) has launched Allianz Cyber Protect, enabling businesses to protect against cyber criminals and data loss ahead of potential regulation.
Recent government statistics have shown 93% of large UK companies and 87% of smaller businesses have experienced a data breach in the past 12 months.
Key elements of Allianz Cyber Protect include: cover up to a limit of €50m and covering a broad range of cyber exposures , three levels of business interruption cover that can be tailored to the client‘s needs and immediate access to a crisis response team.
Nigel Pearson (Global Head of Fidelity) said: ". "Within the next few years new legislation will be in place in the European Union (EU) which will significantly increase the financial burden placed on companies.
"Under new proposal from the EU, companies could be fined up to 2% of their turnover."
