Cyber crime cover on offer

Cliff Saran

For less than the cost of a can of soft drink a day, users will be able to buy insurance cover to protect their businesses from cyber crime.

Lloyd's of London insurance will be offering up to $100m (£66m) in insurance cover for businesses affected by cyber crime.

The insurance cover, underwritten by brokers Frank Crystal and SafeOnline, is designed for businesses that buy Internet security services from computer security management firm Counterpane Security.

Insurance cover costing as little as $12 a month is available to businesses, offering cyber damage coverage where the costs of repairs to equipment and replacement of data are covered in the event of a hacker attack.

The insurance cover is based on use of the Counterpane managed security services that offer 24/7 monitoring of a company's IT security. Users are required to have a security audit of their IT conducted by SafeOnline as part of the cover.

The service is designed to track attempts to break into a company's IT system, virus attacks and trace intruders who manage to circumvent IT security.

According to SafeOnline, for a premium of $50 a month on top of the cost of the Counterpane security service, users are able to buy an insurance policy for cyber damage and cyber fraud protection.

Security fears

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This was first published in July 2000


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