British specialist re/insurer Beazley has added a number of features to its cyber insurance product to provide enhanced coverage to UK businesses against a cyber-attack.
Forms for both its Beazley Breach Response (BBR) and InfoSec offerings have been streamlined to provide simpler and user-friendly policies to customers.
BBR has been designed for small- and medium-sized enterprises whereas Beazley’s InfoSec is aimed at offering information security and privacy coverage to larger corporations.
The company has integrated first-party covers, such as cyber extortion, data recovery costs, business interruption, contingent business interruption and e-crime, into the main policy instead of adding them by endorsement.
This, in turn, will make coverage offered clearer to understand for brokers and customers.
Additionally, the company has extended access to its in-house breach response unit, BBR Services, to give larger organisations the option to use the services under their policies.
Leveraging BBR Services’ risk management portal, clients can access a number of resources for incident response planning, compliance, employee training, and security best practices.
Beazley head of cyber and executive risks for London and international Paul Bantick 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.”
