Specialist insurer Beazley has announced a series of enhancements to its Beazley Breach Response and MediaTech policies for businesses in Canada.
The insurer has streamlined key policy wordings and integrated cyber extortion, business interruption, dependent business interruption and eCrime coverages into the main policy, rather than being added by endorsement.
The BBR policy provides privacy breach response management and information security insurance solution for small to medium-sized businesses.
It includes breach response services in addition to first-party coverage for BI, dependent BI, cyber extortion, and data recovery costs as well as eCrime for fraudulent instruction, funds transfer and telephone fraud.
MediaTech is designed to provide comprehensive errors and omissions insurance to cover technology-based services and products, non-technology professional services, unintended breach of contract for professional liability exposure, online and offline media.
Cyber coverage has also been incorporated into the policy and includes breach response costs, first and third party coverage as well as eCrime.
In addition to BBR policyholders, Beazley says MediaTech customers can now access resources for incident response planning, employee training, compliance, and security best practices.
“To support Canadian businesses during today’s environment of heightened cyber and security risks and increasing litigiousness, Beazley’s BBR and MediaTech policies are designed to provide 360 degree protection through streamlined, easy to interpret wordings,” said Alessandro Lezzi, head of international cyber & tech at Beazley.
“The increasingly complex risk landscape requires clear coverage that will protect businesses on many fronts and support them with great service and responsiveness should they experience a loss.”
Rhea Turchinetz, cyber & tech underwriter and head of Beazley’s Vancouver office, added, “Canadian businesses face a growing cyber threat that is always evolving as we have seen during this pandemic.
“More of us logging onto work IT networks remotely has created additional security issues that employers and their workforce need to be alert to.
“BBR and MediaTech are designed to help companies to build their resilience against these threats as well as provide protection and financial support in the event of a claim.”