Beazley has launched an enhanced version of its Beazley InfoSec policy to ensure its large business clients remain protected against the evolving nature of cyber exposures.
When Beazley’s policy was first launched in 2006, policyholders were mainly concerned with third party exposure from the loss of personal customer data, but, more recently, attacks that disable a company’s systems have emerged as a major threat, particularly for manufactures, utilities, and industrial companies.
The new Beazley InfoSec policy offers coverage for a variety of these first party risks, including cyber extortion, data recovery costs, business interruption (BI) costs related to security breaches and system failures, and scams involving the impersonation of trusted individuals or entities.
It also includes access to Beazley’s dedicated in-house response unit, Beazley Breach Response Services (BBR Services), which helps customers to identify what data was lost and to notify affected individuals following a data breach.
Additionally, BBR Services provides a range of risk management services via the Beazley InfoSec policy that can reduce the chances of a data breach and minimise its impact, and clients can also access discounted incident response workshops and advice from Lodestone Security, Beazley’s cyber security consulting company.
Mike Donovan, Global Focus Group Leader for Beazley’s Technology, Media and Business Services team, said: “The equivalent of an arms race is being run between cyber criminals and corporate America. The criminals are highly adaptable and our job as insurers is to ensure that our clients have the means to defend themselves effectively. With Beazley InfoSec our clients have insurance coverage that reflects our familiarity with the most recent and most devastating attacks.”
