Toronto, ON (Mar. 17, 2016) – IronPro, Ironshore’s financial and professional lines unit, is introducing a suite of enhanced Cyber and Technology E&O products customized for the Canadian marketplace. IronPro’s Cyber and Tech products will also provide eligible Ironshore Highly Protected Information (HPI) policyholders with Cyber Monitoring and Alert Services (CMAS) during the policy period. IronPro has engaged the information security firm, BorderHawk, to offer CMAS services that detects potential threat indicators and extrapolates such knowledge into a proactive indication and warning process for IronPro Insureds.
CMAS generates and transmits a Cyber Risk Warning Alert to a predetermined point of contact at the insured for immediate action in the event of a potential risk. Cyber Risk Warning Alerts signal potential vulnerabilities or threats associated with a specific IP address, thereby indicating heightened risk exposure to the client entity.
“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,” said Steve Akridge, President of BorderHawk. “IronPro clients will be notified when questionable activity occurs, providing a more responsive investigation when primary security tools do not recognize a potential threat.”
“IronPro’s enhanced risk management offering complements our 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,” stated David Tran, Senior Vice President, IronPro Canada. “A more aggressive approach to cyber security protection is designed to minimize the loss associated with data breach events.”
Mr. Akridge noted that 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 percent and malware dwell times of nearly twenty-four months before discovery is the norm in detecting potential threats.”
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000. The Ironshore group of companies is rated A u (Excellent) by A.M Best with a Financial Size Category of Class XIV. Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best, AA- (Very Strong) by Fitch, and A+ (Strong) by Standard & Poor’s. For more information, please visit www.ironshore.com.
BorderHawk is an innovative cybersecurity firm composed of pioneering information security professionals with offices in Atlanta, Georgia and Anchorage, Alaska. BorderHawk team members have extensive experience working with security issues across all government and commercial industry sectors. BorderHawk’s team has decades of experience solving People, Process and Technology problems, especially involving cyberspace and cybersecurity issues. For more information, visit: www.borderhawk.com.
The information contained herein is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product or service. Any description set forth herein does not include all policy terms, conditions and exclusions. Bound insurance policies, rather than summaries thereof, govern. Not all insurance coverages or products are available in all states and policy terms may vary based on individual state requirements. Some policies may be placed with a surplus lines insurer. Surplus lines insurers generally do not participate in state guaranty funds and coverage may only be obtained through duly licensed surplus lines brokers.
Long-Term Credit Ratings assess the ability of an insurance company, holding company or other legal entity to meet its senior obligations. Ratings from “aa” to “ccc” sometimes are enhanced with a “+” (plus) or “–” (minus) to indicate whether the issuer is near the top or bottom of a category, and may be designated as Under Review (“u”) when recent positive, negative or developing events dictate the rating may be subject to change in the near term.