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