24 February 2021IT & claims management analysis

Volante develops cyber ransomware solution

Volante Global, a multi-class and multi-territory international managing general agent (MGA) platform, has launched a cyber ransomware solution called Cyber Lockout.

Cyber Lockout combines ransomware insurance cover with the latest in cyber security technology and has been designed specifically to reduce an organisation’s exposure to malware attacks, including ransomware.

It uses technology called Trident Lockdown, provided by GBMS Tech, which protects computer systems from malware. The system takes full control of the programmes and applications authorised to run on a network and blocks all other applications and executables from running on it.

A ransomware-only insurance policy provides cover for the costs of recovering from a ransomware attack. Companies can only have the insurance cover if they install Trident Lockdown on all of their devices.

Graeme King, managing director of cyber for financial and professional lines at Volante, said: “Ransomware is one of the most prevalent forms of cyber-attack and we have seen that increases in ransomware attacks have led to restrictions in insurance cover and significant rate hikes, leaving some businesses struggling to find adequate cover.”

Simon Simmons, chief operations officer at GBMS Tech and GBMS USA, said: “The significant increase in ransomware-related attacks has exposed clear gaps in the cyber security practices of many organisations. Trident Lockdown locks down all the client’s endpoints including computers, servers and mobile devices with multi-layered security which is designed to stop any malware from executing.”

Cyber Lockout will initially only be available to US-based companies, and the insurance policy will be distributed via CIMA, the property, casualty and employee benefits broker, with placements coordinated by XS/Group.