The solution includes comprehensive cyber insurance with full limits for contingent business interruption, system failure and cyber extortion. Credit: ra2 studio/Shutterstock.

Insurance broker and advisor CAC Group has introduced CyberPeril Pro, a new cyber insurance solution tailored to the energy and utility sectors.

This offering is designed to fill coverage gaps and provide a more flexible approach to managing cyber risks.

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It enables clients to avoid the complexities of exclusion buybacks or the necessity to self-insure against cyber-related property and casualty losses.

CAC Specialty professional and cyber solutions practice leader and executive vice-president Adam Lantrip said: “As more carriers eliminate ‘silent cyber’ coverage from traditional insurance products, our clients are increasingly concerned about growing coverage gaps.

“This best-in-class solution helps solve those concerns, providing access to substantial capacity and insuring cyber risk in new ways.”

CyberPeril Pro’s coverage options are customisable, allowing clients to select protections that align with their risk profiles, thereby avoiding unnecessary coverage.

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The solution includes broad traditional cyber insurance with full limits for contingent business interruption, system failure and cyber extortion.

Additionally, it covers third-party bodily injury and property damage, as well as first-party physical damage and pollution legal liability, all resulting from cyber incidents.

CAC Specialty professional and cyber solutions practice vice-president Vannessa Smith said: “By developing a customisable solution that addresses cyber risks head-on, we are providing each of our clients with better and smarter tools to safeguard their operations against the growing threat.”

CAC Group offers a wide range of insurance and capital market services.

The group consists of CAC Specialty, a specialty broker; CAC Agency, which focuses on personal lines and employee benefits brokerage; and CAC Capital, a structured solutions group that bridges the gap between insurance and capital markets.

It caters to large corporations, small-to-medium enterprises and individual clients.