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Vector - Cyber protection for the world’s largest companies

As hacking threats intensify, Munich Re 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, we 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.

We understand the idividual landscape of our clients
Munich Re

Five reasons you should consider talking to us about our cyber solutions:

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.
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.

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.
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 Munich Re and Beazley will bring their unique experience to the table to understand your specific risk landscape and translate it into a holistic insurance product.
Our clients get the best of both worlds: not only Beazley’s strong expertise in data-breach products and Munich Re’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.

Overview: Individual coverage based on results of scenario analysis and risk assessment

Coverage:
Capacity:
Industries covered:
Bespoke cyber insurance for large companies
Up to €100m (with exceptions higher)
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.

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