Arch Introduces Cyber Coverage for Event Cancellation

Arch Insurance International (Arch) has announced an innovative addition to its offerings: event cancellation cyber coverage. This new coverage is accessible through both the London market and Arch’s user-friendly instant quote and bind platform, Arch IQ.

This coverage serves as a cyber extension to traditional event cancellation policies, providing protection against a range of disruptions. These include cancellation, abandonment, curtailment, interruption, postponement, or relocation of an event due to unauthorized, malicious, or criminal cyber acts, as well as computer system failures. Additionally, it extends to cover third-party infrastructure, addressing failures or interruptions in communications and utilities that could impact an event.

To support event organizers in navigating the complexities of a cyber incident, Arch’s coverage is designed to be comprehensive. It includes access to security incident response consultants from specialized partners. These services encompass a wide array of support, including forensic investigations, legal counsel, and public relations assistance, ensuring that event organizers can manage incidents effectively and efficiently.

Chris Rackliffe, head of Contingency and Accident & Health, commented on the launch, stating, “This coverage was developed in response to the growing demand for cyber cover for events as the risk of malicious cyber activity facing event organizers rises.” He emphasized the importance of this coverage in today’s digital landscape, noting, “In an increasingly digital world, where the seamless operation of technology is vital to the success of events, a cyber incident can have significant financial and operational consequences.”

Rackliffe further explained the motivation behind this product, saying, “Our aim is to make the placement of complex events coverage quick and simple, which is why we have made this product accessible both on the open market and through Arch IQ.” This approach not only streamlines the process for event organizers but also addresses the pressing need for robust cyber protection in the event industry.

Source: Arch Insurance International

Topics
Cyber
New Markets

Arch Insurance International (Arch) has announced an innovative addition to its offerings: event cancellation cyber coverage. This new coverage is accessible through both the London market and Arch’s user-friendly instant quote and bind platform, Arch IQ.

This coverage serves as a cyber extension to traditional event cancellation policies, providing protection against a range of disruptions. These include cancellation, abandonment, curtailment, interruption, postponement, or relocation of an event due to unauthorized, malicious, or criminal cyber acts, as well as computer system failures. Additionally, it extends to cover third-party infrastructure, addressing failures or interruptions in communications and utilities that could impact an event.

To support event organizers in navigating the complexities of a cyber incident, Arch’s coverage is designed to be comprehensive. It includes access to security incident response consultants from specialized partners. These services encompass a wide array of support, including forensic investigations, legal counsel, and public relations assistance, ensuring that event organizers can manage incidents effectively and efficiently.

Chris Rackliffe, head of Contingency and Accident & Health, commented on the launch, stating, “This coverage was developed in response to the growing demand for cyber cover for events as the risk of malicious cyber activity facing event organizers rises.” He emphasized the importance of this coverage in today’s digital landscape, noting, “In an increasingly digital world, where the seamless operation of technology is vital to the success of events, a cyber incident can have significant financial and operational consequences.”

Rackliffe further explained the motivation behind this product, saying, “Our aim is to make the placement of complex events coverage quick and simple, which is why we have made this product accessible both on the open market and through Arch IQ.” This approach not only streamlines the process for event organizers but also addresses the pressing need for robust cyber protection in the event industry.

Source: Arch Insurance International

Topics
Cyber
New Markets