Specialist insurer Beazley and global broker Marsh have collaborated on the launch of a new tailored cyber insurance and breach response solution for U.S. manufacturers.
Together, Beazley and Marsh have created Manufacturer’s First Response, a Marsh and Beazley Breach Response (BBR) initiative that provides the following coverages tailored specifically to address both cyber and operational risks that pose a threat to U.S. manufacturers:
- Supply chain interruption from cyber-attacks against the insured or its suppliers
- Invoice manipulation resulting in payments being misdirected or fraudulently directed
- Technology disruption affecting operational and industrial controls, hardware and/or software
- E-crime losses from payment or delivery of money or securities as a result of fraud
The protection is made available through Marsh to U.S. domiciled manufacturers of all sizes. Users will be able to leverage risk management services provided by BBR Services, which helps clients respond to an actual or suspected cyber breach.
Head of US middle market cyber & tech at Beazley, Kristen Dauphinais, said: “Manufacturers’ risk management requirements are changing as they keep pace with the digital world, with many transforming into tech companies. Hacking and malware were the top cause of loss for manufacturers reported to Beazley in 2018 and, as the Internet of Things and more complex supply chains have increased connectivity, they have also expanded the scope for far-reaching cyber-attacks.
“These specialist coverages will help manufacturers to more effectively manage potential threats before they take hold, robustly protect their businesses and minimize disruption caused by a cyber event.”
US Cyber Practice Leader at Marsh, Thomas Regan added: “Manufacturing is among the fastest growing segments purchasing cyber insurance today with a growing number of manufactures acknowledging that cyber risk is an operational risk that needs to be managed.”
And David Carlson, US Manufacturing & Automotive Industry Practice Leader, Marsh, said: “With the launch of Manufacturer’s First Response, Marsh is responding to its manufacturing clients’ requests for tailored, next generation cyber coverage to help them manage today’s fast-evolving cyber risk landscape.”