GK General Insurance introduces cyber insurance product as threats grow
In response to a recent surge in cybersecurity incidents across the Caribbean region, a regional insurance provider, GK General Insurance has launched a cyber insurance product called Cyber Control. This product will provide insurance protection for individuals and commercial entities with revenue below USD $10 million. Individual coverage is available as an add on with homeowners insurance and provides insurance against cyber-attacks, ransom demands from cybercriminals, identity theft, and cybercrimes, including phishing scams and credit card fraud. Commercial clients will be covered for interruptions arising from security breaches and digital asset destruction; costs related to managing data breaches, including IT forensic costs, fines, and penalties resulting from security breaches and credit card fraud, damage; and, defence expenses from a legal suits associated with security breaches and infringement of offline/online media expenses, that is, liability and defence costs related to copying offline digital content.