The new cyber insurance product is designed to mitigate the complex and evolving cyber risks that businesses face. Credit: Photon photo/Shutterstock.

Managing general agent (MGA) Falcon Risk Services, a subsidiary of HDI Global SE, has launched a new cyber insurance solution, FalconFlight.  

This product is designed to mitigate the complex and evolving cyber risks that businesses face.  

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With up to $10m in “A+ rated” capacity, FalconFlight is tailored for companies with annual revenues of between $10m and $3bn, stated the company. 

The new solution’s features include paying on behalf of cyber extortion, dependent business interruption extended to non-technology providers and the inclusion of hardware replacement costs under data recovery expenses.  

Moreover, the solution features voluntary shutdown included in business interruption without a time cap and media liability that encompasses both digital and print content. 

FalconFlight is suited for sectors such as financial services, healthcare, manufacturing, professional services companies, retail and technology providers, stated Falcon Risk Services.  

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Falcon senior vice-president and head of cyber and tech E&O Mary Spicer said: “With FalconFlight, we have redefined what businesses should expect from their insurance coverage. In an era where digital threats and professional liability risks are growing more complex, this product delivers the comprehensive and flexible solutions our clients need to confidently navigate uncertainty that policyholders face.” 

Falcon offers a suite of insurance products including management liability, professional liability and cyber insurance. 

Headquartered in New York City, Falcon operates in Atlanta, Boston, Chicago, Houston, Philadelphia, Phoenix, Portland and San Francisco.