Crystal Financial Institutions, a division of Alliant Insurance Services, has launched a new cyber solution specially tailored to hedge funds that addresses numerous aspects of cyber risk management, including security management, insurance, crisis management and legal support.
Cyber Risk 360° provides powerful coverage for modern risks. It includes a cyber insurance policy that has an available coverage extension for fee income related to unplanned redemptions. As one of the industry’s first solutions to offer this unique extension, it allows fund managers to recoup lost management fee income attributed to a cyber breach event. Other features of Cyber Risk 360° include cyber extortion and data loss restoration, 24/7 claims response and dedicated loss recovery services.
To develop the new Cyber Risk 360° solution, Crystal Financial Institutions worked with industry leaders in the insurance underwriting, legal, compliance, cyber defence and information technology fields, including cybersecurity firm BlueVoyant, boutique law firm Bohrer PLLC and Everest Insurance®.
Cyber Risk 360°’s integrated suite of services protects hedge funds against sophisticated cyber attacks by providing clients with:
• Cyber Preparedness Evaluation: An assessment of the current state of cybersecurity and crisis management programs and development of a plan to resolve any deficiencies.
• Insurance Placement: A cyber insurance policy underwritten by Everest Insurance, offering an extension of coverage for unplanned redemptions.
• Security Management: Continuous 24/7 system monitoring to identify and address cyber threats and offer enterprise risk advice to ensure cybersecurity policies are implemented and updated continuously.
• Incident Response & Crisis Management: In the event of a cyber breach, the team assists with managing the investigation and response from both a strategic and operational perspective, providing a breach coach for around-the-clock support.
• Legal Counsel: Evaluation of policies, procedures and incident response plans as well as liaising with regulatory and governmental agencies.
“The potential ramifications following a cyber attack are immeasurable. We noticed a need in the insurance industry for an end-to-end solution that addresses all aspects of an attack or breach on a hedge fund,” says Ron Borys, Managing Director at Crystal Financial Institutions. “We’ve brought together firms who have specialised experience in the alternative asset management space to offer this new solution, bringing a variety of perspectives to the table.”
“Our mission is to protect clients around the world from increasingly sophisticated cyber attacks that threaten their business,” says Jim Rosenthal, CEO at BlueVoyant. “In partnering with Crystal Financial Institutions, we’ve created a solution that will enable hedge funds to protect their data and sensitive information from outside attacks.”
“Cybersecurity is the new risk management frontier for hedge funds,” says Jeremy I Bohrer, Managing Partner at Bohrer PLLC. “Getting it right has become a baseline expectation for investors – getting it wrong can ruin your business. The only way to deal with this pressing issue is to address it holistically with partners who understand the hedge fund business.”
Crystal Financial Institutions, BlueVoyant, Bohrer PLLC and Everest will host an educational event on cybersecurity risks for hedge funds on October 10 in New York City. The event will feature commentary from top experts in the insurance and cybersecurity spaces, an introduction to Cyber Risk 360°, and a keynote address by Jim Rosenthal, CEO of BlueVoyant and former COO of Morgan Stanley.
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