Broker News: Beazley Streamlines Its Cyber Security Offer

Leading specialist insurer Beazley has enhanced its cyber policies in the UK to offer businesses of all sizes and sectors unrivalled insurance cover and risk management services to plan for and manage a cyber breach.

In line with Beazley’s commitment to providing simpler, user-friendly policies, Beazley’s InfoSec and Beazley Breach Response (BBR) forms have been streamlined. First-party covers, such as cyber extortion, data recovery costs, business interruption, contingent business interruption and e-crime, have been integrated into the main policy rather than being added by endorsement, making cover clearer to understand for brokers and customers.

Beazley’s comprehensive set of cyber solutions is designed to protect UK businesses on all fronts. Access to Beazley’s in-house breach response unit, BBR Services, has now been extended to give larger organisations the option to use the services under their policies.

Via BBR Services’ risk management portal, global.beazleybreachsolutions.com, 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 BBR policy for small to medium-sized businesses provides breach response services for up to five million individuals. It also covers payment card industry costs, regulatory defence and penalties, and first-party and e-crime cover. BBR is available across all industries, with particularly strong demand from financial institutions, healthcare, education, retail, manufacturing and hospitality sectors.

Infosec, Beazley’s information security & privacy policy for larger businesses, 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 & 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.

“Beazley’s BBR and Infosec insurance policies are designed to offer 360° protection to suit the needs of businesses in a way that is clear and easy to interpret. By accessing BBR Services, our clients can have pre and post breach support to prevent or mitigate or a loss.”

The offering is supported by an award-winning claims service. Cyber cover is also available to brokers via Beazley’s online trading platform myBeazley.

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