Alliant Insurance Services Inc. announced coverage and services that help hedge funds evaluate readiness for an attack. An insurance policy from Everest Re Group Ltd. to cover lost fee income from a hack is part of the package. (Image: Shutterstock)
(Bloomberg) – Hedge funds can spend years crafting a trading algorithm or a strategy to keep ahead of competitors. A Stone Point Capital-backed insurance broker is offering to help protect those trade secrets, and their fees, from a cyber attack.
U.S. cyber insurance premiums increased 37% in 2017
Alliant Insurance Services Inc. announced coverage and services that help hedge funds evaluate readiness for an attack. An insurance policy from Everest Re Group Ltd. to cover lost fee income from a hack is part of the package, Alliant said Thursday in a statement. BlueVoyant, a cyber-security company run by former Morgan Stanley executive Jim Rosenthal, and law firm Bohrer PLLC are also partners in the effort.
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