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July 12, 2000 (Computerworld) -- Counterpane Internet Security Inc. in San Jose announced this week that its clients will be able to purchase up to $100 million in insurance coverage to protect against loss of revenue and information assets caused by Internet and e-commerce security breaches.
Counterpane's standard warranty of service will be backed by Lloyd's of London and underwritten by insurance brokers Frank Crystal & Co. in New York and London-based digital risk solution provider SafeOnline.
Some insurers have offered policies that pay for security-related losses under loss-of-business or act-of-vandalism clauses, but these damages can be difficult to collect and often carry premiums that start at $100,000. Counterpane said it is the first security services provider to offer guaranteed, direct financial reimbursement for security-related losses at lower premiums.
David Tapper, a research analyst at Framingham, Mass.-based International Data Corp. (IDC), noted that a number of Counterpane's competitors, including Internet Security Systems Inc. (ISS), Hewlett-Packard Co. and IBM, have also recently formed partnerships with insurance companies. Tapper said this trend has helped push the creation of insurable models of security management that demonstrate risk reduction.
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