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Laxman Pai, Opalesque Asia: Crystal Financial Institutions, a division of Alliant Insurance Services, has announced a new cyber solution that it claims to be specially tailored to hedge funds that addresses numerous aspects of cyber risk management, including security management, insurance, crisis management and legal support.
"Hedge funds are frequently targeted with malicious cyber attacks due to the sensitive client data and proprietary trading algorithms they store - both of which are particularly enticing to hackers," pointed out Crystal in a press release.
"Our new cyber solution, Cyber Risk 360° addresses this growing concern provides powerful coverage for modern risks," the release claimed.
Cyber Risk 360° includes a cyber insurance policy that has an available coverage extension for fee income related to unplanned redemptions. It allows fund managers to recoup lost management fee income attributed to a cyber breach event, it said.
Acording to the release, other features of Cyber Risk 360° include cyber extortion and data loss restoration, 24/7 claims response and dedicated loss recovery services.
To develop the new Cyber Risk 360 solution, Crystal Financial Institutions worked with companies in the insurance underwriting, legal, compliance, cyber defense and information technology fields, including cybersecurity firm BlueVoyant, boutique law firm Bohrer PLLC and Everest Insurance.
Jeremy I. Bohrer, Managing Partner at ...................... To view our full article Click here
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