CPP strengthens cyber insurance to cover hardware loss
CPP Secure launched on the Acturis platform in October 2019 and was one of the first insurance policy on the market to address the unique needs that small and medium enterprises face from cyber-attacks.
Over the last twelve months, CPP’s product development team has worked hard to ensure that the policy remains one of the most comprehensive and competitive products available in the market. CPP enhanced the policy in March 2020 with the introduction of social engineering and as of October 2020 it has added bricking as a mandatory element of cover to protect business hardware in the event of a cyber-attack.
“Bricking” refers to the situation where an electronic device, such as a laptop or tablet has been damaged beyond economic repair due to damaged firmware.
A bricking incident can occur as a result of a cyber-attack such as a malware attack which can cause extensive damage to data and systems as well as being used to gain unauthorised access to a network. Some cyber criminals purposely “brick” devices in order to cause maximum damage to the assets which they are attacking. One of the biggest examples of “bricking” took place in 2012, when 30,000 workstations belonging to the national oil company of Saudi Arabia were disabled as a result of a malware attack.
Up to one in ten cyber-attacks involves the distribution of malware, making it the third most common form of attack. Small businesses are particularly vulnerable, with over half of malware victims falling into this category. The dark web has also increased the accessibility of attacks with cyber-criminals regularly marketing “malware as a service”.
The bricking enhancement on CPP Secure’s cyber policy covers the replacement cost of technology when equipment is rendered useless as a result of certain cyber incidents occurring.
This new product enhancement can help to mitigate the costs and business interruption associated with a cyber-attack, enabling firms to return more quickly to full operation.