Reinsurance News

Brit adds features to physical damage cyber offering

26th April 2019 - Author: Matt Sheehan

Global specialty re/insurer Brit Ltd has added a number of new features to its Brit Cyber Attack Plus (BCAP) product, which is designed to protect clients from the impact of physical damage arising from cyber attacks.

cyber securityBCAP has now been substantially built out, Brit said, offering physical damage cover due to cyber events alongside business interruption, data privacy and cyber liability coverage, with limits of up to $150 million.

Additionally, the product now gives clients increased flexibility and is able to offer limits of up to $100 million for both stand-alone, non-physical damage, cyber coverage as well as write-back (CL380) optionality for certain specific industry sectors.

Brit is also able to offer bespoke solutions to individual sectors based on their specific needs and vulnerabilities, such as for a power plant or car factory.

Further features include risk management training tools and access to leading global cyber experts, including IT and forensic specialists, lawyers and crisis PR.

“We are excited to launch the new features and increased sophistications of our BCAP product,” said Ben Maidment, Class Underwriter, Cyber, Privacy and Technology, at Brit.

“We were proud to be innovators when bringing it to market as an industry first, and have continued to develop and improve our offering to ensure we can protect clients from all aspects of the cyber threat,” he added.

BCAP was launched over five years ago and combines first and third-party cyber coverage with cover for physical damage and ensuing business interruption arising from a cyber-attack.

It was designed to protect energy, industrial, manufacturing, utility and similar businesses that have operations heavily dependent on technology, meaning building and equipment are at risk of damage from a cyber event.

“Today, this product is more relevant than ever,” Maidment continued. “Hackers are seeing increasing success in targeting organisations of all sizes and using an attack to alter chemical mixes or take control of machinery is well within their capability.

“It is essential that brokers and their clients understand the inherent cyber risk from such events and ensure that any property damage from a cyber incident is fully covered,” he explained.

“The increased flexibility offered to clients means that BCAP is a compelling solution. In addition to the full BCAP product, we can now provide the highest limits available globally for stand-alone cyber liability for those that need it. Brit is committed to remaining at the forefront of innovation as the threat of cyber continues to amplify and evolve.”

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