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March 20, 2019

Beazley updates cyber insurance coverage for UK firms

British specialist re/insurer Beazley has added a number of features to its cyber insurance product to provide enhanced coverage to UK businesses against a cyber-attack.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
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Forms for both its Beazley Breach Response (BBR) and InfoSec offerings have been streamlined to provide simpler and user-friendly policies to customers.

BBR has been designed for small- and medium-sized enterprises whereas Beazley’s InfoSec is aimed at offering information security and privacy coverage to larger corporations.

The company has integrated first-party covers, such as cyber extortion, data recovery costs, business interruption, contingent business interruption and e-crime, into the main policy instead of adding them by endorsement.

This, in turn, will make coverage offered clearer to understand for brokers and customers.

Additionally, the company has extended access to its in-house breach response unit, BBR Services, to give larger organisations the option to use the services under their policies.

Leveraging BBR Services’ risk management portal, clients can access a number of resources for incident response planning, compliance, employee training, and security best practices.

Beazley head of cyber and executive risks for London and international Paul Bantick said: “Businesses are playing catch-up with highly adaptable cyber criminals. Our role is to ensure our clients have the support they need to defend themselves against attacks and data breaches.

“Beazley’s BBR and Infosec insurance policies are designed to offer 360° protection to suit the needs of businesses in a way that is clear and easy to interpret. By accessing BBR Services, our clients can have pre and post breach support to prevent or mitigate or a loss.”

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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