Global News - Munich Re and Beazley to offer cyber protection for digital assets and IT infrastructure
Source: Asia Insurance Review | May 2016
Beazley has partnered with the Corporate Insurance Partner unit of Munich Re to offer the “broadest protection yet” for the digital assets and IT infrastructure of the world’s largest companies.
Both (re)insurers have seen a rising demand for insurance cover of this type, and have already bound insurance for multinational clients seeking the broad protection – both in terms of perils covered and financial limits – that their partnership provides. They have also collaborated with a large number of clients, brokers and IT companies to better understand the specific cyber risk profile of an individual organisation and to develop bespoke solutions accordingly.
As needs of such organisations vary widely, cover will be tailored specifically to the exposures of individual clients, providing up to US$100 million or EUR100 million of protection for a wide range of cyber risks. Based on the individual needs of clients, coverage can be designed to include elements for risks such as hacking or malware attacks; distributed denial of service (DDoS) attacks; cyber extortion or ransomware; and property damage and bodily injury exposures from malicious cyber attacks.