The largest companies in Great Britain have tapped Beazley and Munich Re to protect their digital assets against data breach and cyber threats, the two industry players have announced.
Beazley and Munich Re, which launched a partnership in April, said they are working with FTSE 100 companies and other UK firms with revenues over £1 billion to develop unique solutions addressing the specific risks faced by their firms and their industries.
"The flexibility of the solution we're offering in partnership with Munich Re is a key driver of the interest from the UK's largest companies," said Paul Bantick, Beazley's UK focus group leader for technology, media and business services.
"Half of the companies we're working with are first time buyers of cyber insurance protection looking for a solution that is robust, enterprise-wide and tailored to their unique risk profile,” he added.
Manufacturing companies, which have not been major buyers of cyber insurance, are now showing “much greater interest,” according to Chris Storer, head of cyber solutions for Munich Re's Corporate Insurance Partner unit.
"They are concerned about issues such as supply chain vulnerability and the possibility of major production shutdowns stemming from cyber attacks,” he said.
Beazley and Munich Re have joined forces to offer the broadest protection yet for the digital assets and IT infrastructure of the world's largest companies.
The two companies offer US$100mn or €100mn of protection for a wide range of cyber risks, including hacking or malware attacks, distributed denial of service attacks, cyber extortion and property damage and bodily injury exposures deriving from malicious cyber attacks.
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