Underwriting agency ProRisk has introduced a cyber product to meet growing demand from businesses for protection against digital risks.

The Cyber and Privacy Liability Insurance policy is designed for businesses with a maximum 500 employees and an annual turnover of up to $25 million.

It is distributed on the agency’s proprietary ProBind quote-and-bind trading platform for brokers, which was launched last June.

The policy’s features include cover for cyber extortion and ransom payment, privacy statutory liability, cyber crime data and application restoration costs as well as social engineering.

“Cyber protection has been thrust into the spotlight with COVID-19,” ProRisk General Counsel and Head of Product Jaydon Burke-Douglas said. “Cyber criminals are exploiting the global focus on COVID-19 and the new normal of working from home, to infiltrate networks and extort money.”

Executive Director Hamish McDonald Nye says the product is “ripe for our current environment.”

“I believe that all brokers should make talking to their clients about cyber risks a priority,” he said. “The last thing businesses need right now is to be faced with the financial devastation a cyber attack can cause.”