Canadian Underwriter

IronPro launches enhanced cyber, tech E&O products in Canada

March 16, 2016   by Canadian Underwriter

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IronPro, the financial and professional lines unit of Ironshore, is introducing a suite of enhanced cyber and technology errors and ommisions (E&O) products customized for the Canadian marketplace.

Enhanced cyber, technology E&O products for Canadian market

The products will also provide eligible Ironshore Highly Protected Information policyholders with cyber monitoring and alert services (CMAS) during the policy period, notes a statement issued Wednesday by Ironshore, which provides broker-sourced specialty property and casualty insurance coverages for varying risks throughout the world.

In the event of a potential risk, CMAS generates and transmits a cyber risk warning alert to a predetermined point of contact at the insured for immediate action, the statement explains. The alert signals potential vulnerabilities or threats associated with a specific IP address, thereby indicating heightened risk exposure to the client entity, it points out.

Information security firm BorderHawk has been engaged to provide CMAS services to detect potential threat indicators and extrapolate such knowledge into an indication and warning process for IronPro insureds.

CMAS is becoming a critical component of an organization’s overall security infrastructure as it addresses recent reports that some malware solutions “demonstrate an estimated recognition effectiveness of only 60% and malware dwell times of nearly 24 months before discovery is the norm in detecting potential threats,” reports BorderHawk president Steve Akridge.

“We recognize that while ‘alerting’ systems can be a critical component of cyber security programs, most organizations depend on ‘accidental discovery’ to initiate investigations of malicious cyber threats,” Akridge points out. The service means “clients will be notified when questionable activity occurs, providing a more responsive investigation when primary security tools do not recognize a potential threat,” he maintains.

“A more aggressive approach to cyber security protection is designed to minimize the loss associated with data breach events,” suggests David Tran, senior vice president of IronPro Canada, adding that the new offering complements the company’s “specific asset-class PrivaProtector policy form to address risk exposures for critical infrastructure insureds within the healthcare, financial services, professional services, manufacturing and commercial facilities sectors.”

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