Pioneer launches new product to address cyber risk for investment managers

This morning, Thursday 18th January 2018, Pioneer Underwriters hosted a breakfast briefing at which, with the help of industry experts, they launched a unique product that addresses the specific needs of investment managers in relation to cyber exposure.

The breakfast briefing saw Philip Tansley, Legal Director at Reynolds Porter Chamberlain and co-founder of its innovative and award-winning ReSecure cyber incident response service, give a thought-provoking overview of the current cyber risks facing investment managers and provide insight into how a cyber response team would manage the fall out of a cyber attack and the potential costs involved.

Thomas Deinet, Executive Director at Standards Board for Alternative Investments (SBAI) discussed the results of the SBAI’s Cyber Attack Simulations and gave an overview of the guidance SBAI is providing with regards to cyber risk management best practice.

Closing the event Simon Holt, Senior Underwriter – Financial Institutions, announced details on Pioneer’s new product:

“We recognise that to date, the insurance sector has been slow to respond to the specific needs of investment managers in relation to cyber exposure. In response, we have worked hard to develop an Investment Management Insurance Product that contains cyber cover specifically tailored to the sector. Pioneer’s cyber offering provides pre and post loss cyber risk management services and as an industry first, offers cover for Loss of Management Fee due to Network Interruption. This new product will allow Pioneer and our brokers to better meet the needs of our mutual insureds.”
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