Munich Re Specialty Insurance (MRSI) has launched a new proactive cyber risk management program featuring complimentary risk control services.
Built on the principles of value, ﬂexibility, and impact, MRSI’s Reflex has been designed to meet the need for 360-degree cyber solutions.
The new program is facilitated as a white glove solution by an internal team of Munich Re program specialists.
Insureds will receive guided access to services in alignment with their evolving needs. Program services will be provided by a select team of vetted industry experts from the privacy, network security, and cyber training and awareness industries, MRSI stated.
Experienced industry professionals will work directly with insureds in a confidential setting to deliver and advance risk management initiatives intended to build strong cyber culture and mitigate exposure to cyber frequency and severity events.
“The need for security at all levels of an organisation is paramount,” said Steve Pacheco, MRSI’s Head of U.S. Cyber and Tech Errors & Omissions. “Working closely with our cyber clients and our industry leading partner companies, we have developed this comprehensive risk management program. Reflex is a significant enhancement to our cyber product.”
The services include employee training and education, phishing simulations, real-time intervention, incident response tabletop exercises, and advisory services with privacy attorneys and technical experts – all designed to optimise insureds’ cyber defences.
Reflex services have been designed to help insureds avoid breach events, improve cyber security culture, and control the scope of cyber events.
According to a Stanford University 2022 study, 90% of cyber attacks are caused by human error, and 90% of ransomware attacks originate through a phishing email. An IBM Security report from 2022 determined that companies that tested their incident response plan experienced average breach cost savings of $2.66MM over companies that did not test.
Maria Long, MRSI’s Risk Management Portfolio Leader, said: “We are proud to be levelling up our cyber product. Offering complete solutions designed to shape an organisation’s cyber resiliency speaks to the value we place on protecting our insureds,”
“We developed this program to allow our insureds a confidential setting to improve their cyber maturity with trusted partners. Investing in our insured’s cyber maturity is a win-win.”