Corporate Insurance Partner - Cyber protection for the world’s largest companies

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Vector ‒ Cyber protection for the world’s largest companies

As hacking threats intensify, Corporate Insurance Partner has joined forces with Beazley to offer the world’s largest companies the broadest cyber protection yet for their digital assets and IT infrastructure.

In recent years, cyber threats have risen steadily up the agenda of the world’s largest companies as they have observed the real impact of cyber incidents – with significant implications for their balance sheets and financing capabilities.

When it comes to cushioning the true financial impact of a cyber event, Corporate Insurance Partner can push back the boundaries of insurability. In close partnership with Beazley, a pioneer in data breach response insurance and the largest insurer of cyber liability risks in the Lloyd’s market, we offer you Vector, our fit-for-purpose cyber solutions that help manage the manifold risks cyber attacks can present.

5 reasons you should consider talking to us:

1. You already have off-the-shelf cyber insurance but need more flexibility.

Our flexibility is very much appreciated, be it on the coverage side, on a specific provision, the wording section, or in dealing with vendors and partners. Some clients have a certain level of comfort with preferred vendors and want to build on certain wordings in the traditional property or liability policy they have used for many years. Our task then would be to incorporate this into their cyber policy.

Get a solution that grows with your demands: Talk to us.

2. You are aware of cyber risks but capacity offered on the market is too low.

Our coverage options have been developed in close collaboration with a number of large companies and their brokers. Since the needs of large organisations vary widely, the cover will be tailored specifically to your exposures, providing up to $100m/€100m of protection for a wide range of cyber risks.

Stay secure with high capacity: Talk to us.

3. You need bespoke cyber coverage that is tailored to your needs and includes various cyber risk elements such as hacking, malware, DDoS, cyber extortion, property damage and system failure.

Based on your individual needs, our coverage can be tailored to include elements for risks such as:

  • Hacking or malware attacks: Such attacks have been growing steadily in scale and frequency. In the past two years in the US alone, 193.5 million customer records have been stolen in several large breaches involving more than 10 million records apiece.
  • Distributed denial-of-service (DDoS) attacks: Half of all major US companies sustained a denial-of-service attack to their websites last year, and more than 10% of these attacks interrupted the companies’ web-based service capabilities. The potential for significant business interruption losses from a successful DDoS attack is high.
  • Cyber extortion: So-called ransomware attacks have recently intensified. Those that have been disclosed have generally been small in scale. But the potential undoubtedly exists for far larger cyber extortion attempts.
  • Property damage and bodily injury exposures deriving from malicious cyber attacks: With the increasing interconnectivity of systems, the potential impact of an attack on the smooth functioning of plant and machinery and the safety of employees is becoming ever greater.
  • System failure: An IT failure could result in business interruption, delayed services for customers, reputational loss and recovery costs.


Find the right balance of risks covered: Talk to us.

4. You want to understand the complexity of your entire risk landscape.

Your directors are higly aware, and are demanding seamless cyber cover to cushion the effects of an incident ‒ and to avoid being held personally liable. This means risk managers need to understand the complexity of the entire risk landscape. Both Corporate Insurance Partner and Beazley will bring their unique experience to the table to understand your specific risk landscape and translate it into a holistic insurance product.

Keep your CEO, CFO, CRO and all other stakeholders happy: Talk to us.

5. You need expertise in both the technical and financial/insurance aspects of cyber risks and mitigation.

Our clients get the best of both worlds: not only Beazley’s strong expertise in data-breach products and Corporate Insurance Partner’s expertise in cyber, but also our knowledge and solutions in property damage, CBI and other emerging areas as well. We will arrive at a solution that fits best to our clients’ individual risk appetites and risk landscapes.

Benefit from a strong partnership: Talk to us.

Overview

Individual coverage based on results of scenario analysis and risk assessment
Coverage: Bespoke cyber insurance for large companies
Capacity:  Up to €100m (with exceptions higher)
Industries covered: All industries, including Automotive, Aviation, Engineering, IT, Pharmaceuticals, Telecommunications, Transportation

Please contact us to discuss your specific situation. We look forward to speaking with you about a solution that is tailored to your risk situation.

Contact

External Link

To learn more about Vector please also visit our dedicated website.


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This publication is available exclusively to Munich Re clients. Please contact your Client Manager.