Global re/insurance brokerage Marsh Risk has announced that its Cyber ECHO facility now provides clients with up to $200 million of insurance capacity, making it the largest cyber facility in the global insurance market.
Launched in 2016, Cyber ECHO is designed to mitigate customers’ most complex cyber and technology risks.
The facility has become the cornerstone of Marsh Risk’s cyber insurance portfolio, which has provided more than $55 billion in coverage to date to more than 1,500 clients worldwide.
Cyber ECHO leverages the underwriting capabilities of Lloyd’s, Company and leading insurance companies operating in the Bermuda market to provide clients with greater flexibility and choice in capital deployment and global coverage.
Cyber ECHO now offers customers a free covered recovery option, as well as a paid second recovery option for individual cyber incidents. It also offers grants for risk management services to clients with premiums exceeding $1 million. These capabilities are designed to help customers maintain coverage across multiple incidents and reduce protection gaps while improving their long-term resilience to cyber threats. The previous version of the Cyber ECHO recovery feature has been widely used by customers to maintain ECHO after a cyber incident.
Thomas Reagan, global cyber practice leader at Marsh Risk, said: “Since its launch, Cyber ECHO has significantly expanded its scope, evolving into the world’s most comprehensive cyber insurance facility, offering unparalleled coverage limits, diverse placement options and innovative enhancements. Cyber ECHO These latest enhancements to ECHO form part of the global cyber practice’s annual product updates, which ensure we continue to deliver competitive and, most importantly, effective solutions that enable clients to anticipate emerging vulnerabilities and manage risk with greater selectivity and flexibility.”
Serena France-Hayhurst, head of UK cyber placement at Marsh Risk, added: “In the current world of hostile risk environments, cyber risk remains one of the most serious threats facing organizations today, with the potential to cause severe operational and financial disruption, as well as widespread reputational damage. Cyber ECHO provides customers with greater certainty in responding to ever-evolving cyber threats.”