Beazley, Marsh launch cyber insurance for manufacturers

Beazley, Marsh launch cyber insurance for manufacturers | Insurance Business

Beazley, Marsh launch cyber insurance for manufacturers

Beazley and Marsh have teamed up to provide personalized cyber insurance coverage and breach response to manufacturing companies in America.

The new Manufacturer’s First Response by Beazley and Marsh offers the following coverages, tailored specifically to address the cyber and operational risks faced by manufacturers:

  • Supply chain interruption from cyberattacks against the insured or its suppliers
  • Invoice manipulation resulting in payments being misdirected or fraudulently directed
  • Technology disruption affecting operational and industrial controls, hardware and/or software
  • E-crime losses from payment or delivery of money or securities as a result of fraud.

A release said that the coverage is available through Marsh to US manufacturers of any and all sizes. In addition to the coverage, manufacturers will also benefit from risk management services provided by Beazley Breach Response (BBR) Services. BBR Services is Beazley’s in-house breach response services team that helps clients respond to an actual or suspected cyber breach.

“Manufacturers’ risk management requirements are changing as they keep pace with the digital world, with many transforming into tech companies,” said Beazley head of US middle market cyber & tech Kristen Dauphinais, who added that hacking and malware were the top cause of loss for manufacturers in 2018.

“These specialist coverages will help manufacturers to more effectively manage potential threats before they take hold, robustly protect their businesses and minimize disruption caused by a cyber event.”

“Manufacturing is among the fastest growing segments purchasing cyber insurance today with a growing number of manufacturers acknowledging that cyber risk is an operational risk that needs to be managed,” stated Marsh US cyber practice leader Thomas Reagan.