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Waterfall Security announce a partnership with CNA Hardy and THB, providing a new cyber security protection package for industrial businesses around the world.
Waterfall Security has focused on protecting critical infrastructure and industrial control systems from remote online cyber attacks, becoming a leading cyber security vendor for industrial control systems (ICS) perimeter security. The patented Unidirectional Security Gateway enables safe and reliable IT/OT integration, remote monitoring and diagnostics, and advanced cloud services.
This partnership sets a global precedent in the world of insurance and cyber security protection, offering all customers installing Waterfall’s Unidirectional Gateway products the opportunity to insure their site with CNA Hardy’s cyber security cover at a 30 percent discount, offered exclusively via THB.
CNA Hardy is a leading specialist commercial insurance provider for clients within the Lloyd’s and company markets, offering a highly specialized and comprehensive portfolio of innovative and market leading products. THB is a specialist international insurance and reinsurance broking and risk management group, with over 700 staff around the world.
This collaboration was born out of a mutual understanding of the need for more extensive cyber security coverage in industrial sectors. CNA Hardy recognized this need, and upon introduction to Waterfall Security, felt assured that Waterfall’s Unidirectional Gateway products provide a significant reduction in the risks associated with cyber attacks.
The package, distributed exclusively through THB, includes CNA Hardy’s class-leading cyber technology and cyber insurance cover, which is offered at a 30 percent discount when used in conjunction with Waterfall’s Unidirectional Security Gateway products. The coverage includes:
Cyber Loss or Damage – reasonable and necessary expenses, including forensic investigation costs, incurred during in the restoration of: the network; information stored on the network; any other data, including insured’s own physical documents.
Business Interruption and Extra Expense – reduction of business income sustained during a period of restoration due to the interruption of business operations; reasonable and necessary expenses in excess of normal operating expenses sustained during a period of restoration, in order to resume or restore business operations; forensic investigation costs incurred in relation to a claim for the above.
Cyber Extortion – extortion money paid to a third part extortionist, with the insurer’s prior consent, due to the imminent and probable danger of: loss of or damage to network; loss of money or securities; defacement of website; forensic investigation costs incurred in relation to a claim for the above.
PR Expenses – reasonable and necessary expenses approved by the insurer required to respond to adverse or unfavorable publicity or media attention resulting from a loss.
Sid Snitkin, ARC Advisory Group, commented, “Cyber insurance is incredibly expensive because of the lack of data on real incidents. By greatly reducing the attack surface, Waterfall’s products reduce the risk, whatever it may be.”
Keywords: Cyber Extortion, Cyber Security, Cyber Security Protection, ARC Advisory Group.