The new cyber offering is tailored to meet the needs of various industries, with a focus on the technology sector. Credit: Towfiqu barbhuiya / Unsplash.

Speciality insurance and reinsurance company Vantage Group has expanded its insurance services in the US by introducing a primary cyber insurance offering.  

The new product provides coverage of up to $10m and aims to meet the increasing demand for cyber risk solutions and support the company’s portfolio growth in the US and Bermuda markets. 

It is tailored to meet the needs of various industries, with a focus on the technology sector. 

Vantage said the new cyber offering covers both first and third-party costs.  

This includes technology errors and omissions (E&O), media, network security, and privacy liability, as well as expenses related to data breach notifications, credit monitoring, forensics, investigations, business interruption, data recovery, regulatory fines, penalties, and extortion threats.

To enhance its cyber insurance services, Vantage has partnered with specialists to provide incident response services.

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These services are designed to help insureds mitigate risks and recover swiftly from cyber incidents, including support for call centre monitoring, forensic accounting, forensic incident response, public relations, and more.

Vantage head of cyber and professions E&O Juliet White said: “Cyber risk is rapidly evolving and demands stable, long-term partnerships for effective risk management. Our team of experts is ready to meet the opportunity head-on. We’re excited to extend our capabilities into primary cyber and provide the protection that our clients need to grow their businesses.”

US cyber and E&O is one of Vantage’s ten insurance divisions, which also includes political risk and credit in the US, as well as financial and professional lines in Bermuda.

The launch of the US primary cyber insurance offering builds on the company’s recent introductions of US Large Property and US Primary Casualty insurance products.