Argo Group unveils cyber liability insurance

Internet Privacy

Internet Privacy

Argo Pro has introduced this new product to address business exposures to digital attacks.

Argo Group International Holdings, Ltd.’s Argo Pro has announced the availability of a new cyber liability insurance product, which has been created to help businesses to mitigate the risk associated with exposures from their dependency on information technology.

The product is called information and Professional Risk Playbooksm (iPRP).

Argo Pro has also announced that it has entered into a partnership with leading assessment of cyber risk and data breach services firm, NetDiligence, for its ability to provide clients with post-incident online services by way of its portal, called eRisk Hub.

According to the Argo Pro senior vice president and head of E&O underwriting, Michael Carr, “Advances in information technology have revolutionized the ways businesses attract, retain and interact with customers.” Carr also went on to say that “Along with benefits in speed and efficiency, these changes have created a variety of new exposures to loss — from liability for content on corporate Facebook pages or YouTube channels to privacy fines to business interruption from systems compromises.”

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He also explained that the iPRP product was created in order to help to manage the issue of the exposures that are faced by clients regardless of their industry, including the professional liability risk that is experienced by companies that provide services that are information intensive to their own customers.

Laurie Banex, the senior vice president and chief underwriting officer at Argo Pro, stated that the insurer is happy to include this new product among those already offered within its comprehensive suite of professional liability and management products. She added that Carr is an individual who is well recognized within the industry for his expertise in the management of information risk and for his commitment to increasing the number of value added solutions available to brokers who serve companies of a small to medium size.

The targeted classes of this new cyber liability insurance product include auto dealers, accountants, TPAs and regional insurers, insurance brokers and agents, retail and wholesale businesses, manufacturing, restaurants, professional and technology services companies, and trade associations.

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