Last month Chartis launched CyberEdge, a cyber-insurance policy targeted at multinational enterprises in Australia, New Zealand, Singapore and Hong Kong with a minimum annual turnover of US$100,000.

To calculate premiums, Chartis conducts an individual risk assessment comprising: the relevant industry, company size, annual revenue, existing risk management practices, and the liability limits sought by the insured.

Liability limits for Chartis'sCyberEdge are currently capped at US$10,000,000, subject to individual risk assessment. Pollard said that the average claim at Chartis in the US over the last four years was US$5.2 million.

"That [average represented] small to large businesses in different sectors," he said. "We paid for defense costs, claims for third party liabilities related to a fine penalty, notification costs or forensic expenses."