Jlt specialty launches exclusive cyber product for the real estate market
28 March 2019
Latest government figures show nearly half of UK businesses have fallen victim to cyber attacks in the last year
JLT Specialty’s REACT cyber insurance policy addresses uninsured gaps in the real estate market for property owners, managers and investors, pension and investment funds
JLT Specialty (JLT), the specialist insurance broker and risk consultant, has launched a new cyber insurance policy, Real Estate Assurance for Cyber Threats (REACT), to address uninsured gaps in the real estate market. This exclusive solution is designed for property owners, managers and investors, including pension and investment funds.
Cyber attacks are becoming an increasing problem for businesses, with the latest government research revealing that almost half of UK businesses (43%) have fallen victim to cyber attacks or security breaches. Each attack costs businesses thousands of pounds a year, with the most common breaches or attacks involving fraudulent emails, attempts by scammers to impersonate the organisation online and viruses and malware.
JLT’s REACT insurance is designed to expand upon a standard cyber standalone policy that covers business interruption and privacy related exposures. This new product will expand the coverage to include new areas that have never been covered under an insurance policy, including liability to tenants due to business interruption, property shutdown by health & safety executives and issues with building management systems operated by third parties, as well as the insured, and loss of quiet enjoyment, arising from a cyber event.
David Schofield, Senior Partner in JLT Specialty’s Real Estate team, said: ‘With vital systems such as sprinklers, locks and lifts becoming increasingly automated and connected, the rise in cyber intrusions and ransomware has become a real threat. Although advanced technology is vital in the early detection and prevention of cyber threats, wrap around insurance coverage is an essential line of defense.’
Jack Lyons, Cyber Partner for JLT Specialty, said: ‘With high profile cyber attacks continuing to hit the headlines and the increasing reliance on technologies for property management, we developed this new REACT product to provide clients with a robust and comprehensive solution, which fills a distinct gap in the market. This type of innovative approach to cyber threats reinforces JLT’s commitment to continually push the boundaries and develop solutions to meet the challenges facing our clients across the real estate market.’
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NOTES TO EDITORS:
PR Manager, JLT Group
+44 (0)20 7895 7705
+44 (0)7799 340658
+44 (0) 20 7528 4286
+44 (0) 7754 868151
Alice Osborn /Etienne Bataille
+44 (0) 20 7269 1430
NOTES TO EDITORS:
About Jardine Lloyd Thompson
Jardine Lloyd Thompson is one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 41 countries with more than 10,600 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
JLT Specialty Limited (JLT Specialty) is a specialist insurance broker and risk consultant, providing market leading industry knowledge and expertise in specialist fields to some of the world's largest companies.
For further information about JLT, please visit our website www.jlt.com