Zurich Insurance said it has revamped its cyber insurance policy to include more coverages. Marsh said it is developing a blockchain-based verification product for clients focused on the sharing and gig economies.

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Zurich Insurance has updated its cyber insurance policy to include more coverages.

The insurer launched its Zurich Cyber Insurance Policy with an updated form designed to help businesses protect themselves from cybersecurity risks. The new form replaces Zurich’s Security & Privacy policy and brings together coverages previously available only through endorsements.

Zurich, in this updated policy, now includes network security monitoring and pre-breach services as part of its cyber insurance cover The cyber insurance policy is consistent for Zurich customers worldwide and is available in North America through the Specialty E&O, Wholesale and Canadian underwriting teams.

In addition to previously covered offerings such as breach costs, business income loss, and dependent business income loss, the new policy features coverages previously not offered, including reputational damage coverage and social engineering fraud transfer coverage. The policy provides coverage up to $25 million

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Marsh said it is developing a blockchain-based verification product for clients in the fast-growing sharing and gig economies.

Working in collaboration with Evident, a data security platform that lets businesses run comprehensive, accurate verifications without handling sensitive personal data, the new blockchain product aims to streamline the hiring of gig economy workers by simplifying the insurance and identity verification process with added trust, safety, and risk management, Marsh said in a statement.

Marsh said its collaboration with Evident marks an expansion of its blockchain’s capabilities which, when connected with Evident’s Identity Assurance Platform, will digitize certificates of insurance into immutable records so that all parties with permission can instantly verify information.

Sources: Zurich Insurance, Marsh