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10th April, 2008
CFC Address PCI Requirements for IT Security Consultants
CFC Underwriting has launched the first Professional Indemnity (PI) policy for IT Consultants and Security Assessors around the world that meets the Payment Card Industry Security Standards Council's (PCI) requirements.
For the first time brokers will be able to offer their IT Consultant and Security Assessor clients a policy that meets all their PI needs, and enables them to carry out DSS (data security standards) audits.
Graeme Newman, Business Development Director at CFC Underwriting, explains: "Following a number of high profile consumer data security breaches, The PCI was set up in 2006 by American Express, MasterCard Worldwide, Visa Inc, and a number of other payment brands, to help facilitate the broad adoption of consistent data security measures on a global basis. Any company storing customer credit card details must comply with a list of comprehensive requirements laid down by the PCI for enhancing payment account data security, and one of these requirements is an annual DSS audit.
"As a specialist in the IT industry, we realised that the current PI insurance available to IT Consultants would not provide them with adequate protection to conduct these compulsory audits. With our expertise as a PI underwriter for the sector, we have been able to design a PI policy wording that meets the PCI's strict requirements."
Professional Indemnity insurance is now compulsory for all assessors wishing to carry out DSS audits, but finding suitable insurance that meets the PCI standards has been problematic, and meant that often assessors have been forced to purchase inappropriate policies.
Gregory Irgin of Oxygen Insurance Brokers, a specialist broker in this niche market, agrees: "The PCI asks that assessors carry specific wording within their cover that is not offered as standard within most PI policies. In the past, we've searched the market for cover that meets assessors' specific needs, but have found it challenging. Our clients will be delighted that we can now offer them cover that has been designed for their needs, and is available at highly competitive premiums."
The new IT Security Consultants' Endorsement will be available to brokers from today.
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