Arch Insurance International launches event cancellation cyber coverage

Core Viewpoint - Arch Insurance International has launched a new event cancellation cyber coverage to address the increasing risks of cyber incidents affecting events [1][3]. Group 1: Product Overview - The new coverage acts as a cyber extension to event cancellation policies, protecting against various disruptions such as cancellation, abandonment, curtailment, interruption, postponement, or relocation due to unauthorized cyber acts or system failures [2]. - Coverage also includes protection for third-party infrastructure, addressing failures or interruptions in communications and utilities [2]. Group 2: Support Services - The coverage provides access to security incident response consultants, including services for forensic investigation, legal counsel, and public relations support to help event organizers manage cyber incidents effectively [3]. - The product aims to simplify the placement of complex event coverage, making it accessible on the open market and through Arch IQ [4]. Group 3: Market Demand - The development of this coverage is a response to the growing demand for cyber insurance among event organizers, as the risk of malicious cyber activities continues to rise [3].