New Dawn Risk, a specialist Lloyd’s broker operating in the cyber and specialist insurance markets, has launched a new cyber insurance product targeting US healthcare, life sciences and pharmaceutical organizations.
New Dawn Risk said the development was developed in response to the increasing privacy and regulatory pressures faced by these industries.
The broker noted that the product is designed to reflect the increasing risks associated with litigation under the Health Insurance Portability and Accountability Act (HIPAA) and state-level biometric privacy frameworks, including the Biometric Information Privacy Act (BIPA). New Dawn Risk structured the offering in partnership with A+-rated Lloyd’s Syndicate.
“Healthcare organizations are under unprecedented scrutiny on how they collect and manage sensitive data,” commented James Bullock-Webster, head of technology, media and cyber at New Dawn Risk. “Fines and class actions are on the rise, and customers want to be confident that their core network coverage will hold up when these issues arise. This new product is designed with this reality in mind and is designed to protect the integrity of primary policy limits while providing meaningful additional financial support.”
New Dawn Risk explains that the solution includes additional aggregate limits specifically for regulatory fines and penalties, with the aim of preserving key cyber policy limits in the event of a privacy-related claim. According to New Dawn Risk, this feature is being launched to meet the growing need for more resilient coverage as law enforcement activity and judicial scrutiny around health and biometric data intensifies in the United States.
“What sets this product apart is the inclusion of industry-specific enhancements,” added Freya Hide, technology, media and cyber broker at New Dawn Risk. “It is designed to address the unique operational and regulatory pressures faced by organizations holding large amounts of patient and biometric data. Clients need cyber coverage built around their specific risks; this offering reflects New Dawn Risk’s commitment to designing products that directly address ongoing market challenges.”
New Dawn Risk said the launch builds on its established expertise in the Lloyd’s market and experience building insurance solutions for complex, regulatory-driven cyber risks in the US.
