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Beazley strengthens cyber insurance for UK businesses

  • Publish Date: Posted about 5 years ago
  • Author:by Alan Jarque

Beazley has enhanced its cyber polices in the UK to provide businesses of all sizes and sectors insurance and risk management cover services and the commitment to deliver, user-friendly policies to plan and manage a cyber breach.

To make cover clear to understand for brokers and customers, the InfoSec and Beazley Breach Response (BBR) forms have been streamlined. First-party covers, including cyber extortion, data recovery costs, business interruption, contingent business interruption and e-crime, have been incorporated into the main policy rather than being added by endorsement.

Beazley's complete set of cyber solutions is designed to protect UK businesses on all fronts. The access to BBR has now been extended to give larger organisations the option to use the services under their policies. Via the BBR services portal clients can access a wealth of resources for incident response planning, employee training, compliance, and security best practices. Newsletters and live expert webinars provide education on the latest threats, preventive steps and regulatory requirements.

The policy provides breach response services for up to five million individuals for small to medium-sized businesses. It also covers payment card industry costs, regulatory defence and penalties, and first-party and e-crime cover.

The information security and privacy policy for larger businesses, Infosec, covers fees and costs for legal and forensic services, notification services, call centre services, credit monitoring, identity monitoring or other personal fraud or loss prevention solutions, and public relations and crisis management if a loss occurs.

Paul Bantick, head of cyber and executive risks for London and international at Beazley, said: “Businesses are playing catch-up with highly adaptable cyber criminals. Our role is to ensure our clients have the support they need to defend themselves against attacks and data breaches.”