Towergate Insurance launches first Cyber insurance product to combat growing threat of online crime

8th February 2012

Towergate Insurance today announces the launch of CyberProtect, the first product of its kind to provide all businesses protection against the misuse of computers by employees and the theft of intellectual property.

Developed in partnership with Marchant McKechnie Insurance Brokers, CyberProtect covers the costs associated with an investigation and data recovery in the event of the misuse of company owned computer or IT equipment, up to a maximum sum insured of £50,000. The investigation work is completed by approved third party assessors and investigators who are all members of the Digital Forensic Alliance. The investigation will gather evidence that is admissible in the event of subsequent litigation.

The new product is affordable to most businesses with annual policies starting from £190, depending on circumstances.

CyberProtect comes at a time when the overall cost to the UK economy from cyber crime is £27bn per year. This is according to the first joint Government and industry report into the extent and cost of cyber crime across the UK, launched earlier this year by the Office of Cyber Security & Information Assurance in the Cabinet Office and information intelligence experts Detica.

Michael Rea, Chief Executive Officer of Towergate’s Retail Division said, “Cyber crime is serious, growing, and increasingly sophisticated, and poses a serious threat to most UK businesses. So CyberProtect has been specifically designed to address this increasing threat at a time when many businesses can ill afford to be the victim of a cyber attack.”

Media Contacts

Kelly-Ann Knight

Group Head of External Communications

Towergate

Mobile: 07717 866190

Email: kelly-ann.knight@towergate.co.uk