Beazley Cyber
Beazley’s Full Spectrum Cyber solution offers a comprehensive approach to cyber risk management, drawing on over two decades of experience in the field. This innovative product goes beyond traditional static cyber protection by integrating various aspects of Beazley’s expertise, including risk management, underwriting, claims handling, cutting-edge security knowledge, risk prevention, and training. Beazley is a pioneer in understanding and addressing the complex cyber challenges clients face in today’s rapidly evolving threat landscape.
Beazley Cyber
Cyber Resilience
Beazley Cyber Insurance
Improving Cyber Resilience
Beazley outlines their comprehensive cyber resilience offerings for their US clients with Beazley Breach Response (BBR), InfoSec, and MediaTech policies. The program aims to help businesses improve their cyber defenses against the increasing threat of cyberattacks, addressing the growing complexity and high costs associated with cyber claims.
Beazley highlights that the average cost of a data breach caused by phishing is $4.9 million, and 82% of cyber incidents are caused by human error. Beazley has expanded its risk management services to cater to clients at various stages of their cybersecurity journey to combat these issues.
Key Features of Beazley’s Cyber Resilience Offerings:
1. Free Offerings: All eligible clients receive access to:
- Risk management portal
- Employee training
- Vendor discounts
- Risk management webinars
- Onboarding video
- Secure incident response preparation room
2. Tiered Services: Based on premium levels (30K+, 50K+, and 100K+), clients can access additional services:
- Onboarding call with Cyber Services (for clients with $35M+ annual revenue)
- Incident Response Plan (IRP) review
- One risk management offering per policy year
3. Risk Management Options: Clients can choose from various offerings based on their premium level, including:
- Microsoft 365 cybersecurity assessment
- Ransomware and BEC best practices workshop
- IT rationalization assessment
- Crisis communications workshop
- Phishing-resistant MFA keys
- Simulated phishing campaigns
- Board of Directors presentation on data security
- Incident response workshop with tabletop exercise
- Business continuity planning workshop
- Ransomware readiness assessment
- C-suite/Board training on cyber resiliency
Beazley provides a detailed breakdown of these offerings, including typical costs and the number of users or duration of services included. It emphasizes that these benefits are available at no additional cost to eligible clients.
Beazley’s cyber resilience program offers a comprehensive suite of services designed to help businesses of various sizes improve their cybersecurity posture, reduce risks, and better prepare for potential cyber incidents. The tiered approach allows clients to access increasingly sophisticated tools and training as their premium levels increase, providing a scalable solution for evolving cybersecurity needs.
Beazley Cyber
Coverage for Risks <$35M
Beazley Cyber
Cyber Coverage for Risks Under $35 Million
Beazley outlines its cyber coverage offering for risks under $35 million in revenue. The company’s flagship product, Beazley Breach Response (BBR), provides comprehensive cyber insurance coverage with several key features:
Coverage Highlights
- Multiple towers of coverage ensure breach response costs don’t erode third-party limits
- Comprehensive breach response, first party, liability, and eCrime coverage
- Lower breach response retentions than the policy retention
- Dependent business interruption coverage is not limited to IT vendors
Innovative Quoting Process
Beazley has partnered with Cytora to digitize their email submission channel, automating the underwriting process for quicker response times.
Claims Expertise and Services
- In-house Cyber Services team with IT and legal professionals
- Access to a panel of incident response experts
- Pre-agreed rates with vendors to save on response costs
- Dedicated claims manager as a single point of contact
- Interim claims payments when possible
Risk Management and Pre/Post-Breach Services
- Access to risk management tools and resources
- Pre-breach and post-breach services available through Lodestone Security
- Discounts on security vendor services for policyholders
Underwriting Appetite
Beazley focuses on risks under $35 million in revenue, with preferred classes including auto dealers, educational organizations, banking services, and various other sectors. They do not have an appetite for data aggregators, MSSPs, and MSPs.
Underwriting Requirements
For faster service, submissions should include:
- Completed Beazley applications
- NAICS Code/Industry sector
- Currently valued loss runs
- Confirmation of key security measures (e.g., MFA, anti-virus software, regular backups)
Path to Insurability
Beazley outlines minimum, additional, and optimal security controls that clients should implement to improve their chances of obtaining cyber coverage. These include endpoint protection, MFA for remote access, security awareness programs, and various network security measures.
Accessibility
Beazley’s cyber coverage is accessible through myBeazley, mShift, and email submissions.
This comprehensive cyber insurance offering combines market-leading coverage with risk management services, claims expertise, and a focus on helping clients improve their cybersecurity posture.
Beazley Cyber
Catastrophic Cyber Risk
Beazley Cyber
Addressing Catastrophic Cyber Risk
Beazley outlines its approach to addressing catastrophic cyber risks in their insurance policies. The company has introduced three new endorsements to manage exposure while maintaining coverage for systemic events:
1. War and Cyber War Exclusion: This replaces the previous war and civil war exclusion, providing clearer definitions of war and cyber war. It excludes threats from computer systems used in modern state conflicts but includes a carve-back for insureds who are victims of cyber-attacks but not physically located in the impacted state.
2. First Party Loss Amendatory Exclusion (Infrastructure): This updates the infrastructure exclusion to address utilities and infrastructure outside the scope of coverage. It defines digital and internet infrastructure and financial market infrastructure that are excluded from coverage.
3. Catastrophic Cyber Event Endorsement: This addresses two high-threshold scenarios: extended outages of major cloud service providers exceeding 72 hours and contagion malware in computer operating systems causing major detrimental impacts to a state’s essential services. For covered first-party losses, a 50% sub-limit of liability applies to stand-alone cyber insureds with revenues under 100M (USD/EUR/GBP).
Beazley specifies which policies are affected by these changes, including primary cyber and MediaTech (E&O) policies. The catastrophic event sublimit endorsement only applies to primary cyber policies for accounts below 100M in revenues.
Key points Beazley addresses:
- Compliance with Lloyd’s requirements
- Attribution to state actors in the war exclusion
- Scope of coverage for Internet service providers (ISPs) and cloud service providers
- Definitions of “major detrimental impact” and “essential services”
- Distinction between operating systems and applications for the contagion malware event sublimit
- Application of the 50% sublimit for cloud service provider outages
Beazley emphasizes that these changes are designed to provide clarity for clients and brokers while managing catastrophic cyber risks. It also notes that “major detrimental impact” thresholds are higher than those seen in significant past cyber incidents like WannaCry or SolarWinds.
This document is a comprehensive guide for understanding Beazley’s updated approach to catastrophic cyber risks in their insurance policies, providing detailed explanations of new exclusions, endorsements, and applications.
Beazley Cyber Insurance
Beazley Cyber Insurance, branded as Full Spectrum Cyber, is a comprehensive cyber risk management solution that sets itself apart in the digital security landscape. With over 20 years of experience as a pioneer in cyber risk management, Beazley has developed a deep understanding of the cyber challenges faced by modern businesses.
Full Spectrum Cyber: A Dynamic Approach
The cornerstone of Beazley’s cyber insurance offering is its Full Spectrum Cyber solution. This approach is designed to constantly move and evolve, adapting to the ever-changing landscape of cyber threats. This dynamic nature distinguishes it from static cyber protection offerings, ensuring clients receive up-to-date protection and risk management strategies.
Full Spectrum Cyber integrates various elements of Beazley’s expertise, including:
1. Risk management
2. Underwriting
3. Claims handling
4. Cutting-edge security expertise
5. Risk prevention
6. Training programs
By combining these elements, Beazley creates a holistic approach to cyber risk management that goes beyond traditional insurance coverage.
Key Features and Uniqueness
Comprehensive Risk Management
Full Spectrum Cyber doesn’t just provide insurance coverage; it offers a complete risk management solution. This approach helps clients recover from cyber incidents and prevent them from occurring in the first place.
Expertise-Driven Underwriting
Leveraging their extensive experience in the cyber insurance field, Beazley’s underwriting process is informed by a deep understanding of cyber risks. This expertise allows for more accurate risk assessment and tailored coverage options.
Efficient Claims Handling
Beazley’s claims team is well-versed in handling cyber incidents, ensuring quick and effective responses when a claim is filed. This expertise can be crucial in minimizing the impact of a cyber event.
Cutting-Edge Security Expertise
Full Spectrum Cyber incorporates the latest cybersecurity knowledge and techniques, ensuring that clients have access to state-of-the-art protection against emerging threats.
Proactive Risk Prevention
Rather than simply reacting to cyber incidents, Beazley’s solution focuses on preventing them. This proactive approach can significantly reduce the likelihood of a successful cyber attack.
Comprehensive Training Programs
Beazley recognizes that human error is often a significant factor in cyber incidents. To address this, they offer training programs to help clients’ employees recognize and avoid potential cyber threats.
Adaptability and Evolution
One of Full Spectrum Cyber’s most unique aspects is its ability to adapt and evolve. Unlike static cyber protection plans, Beazley’s solution is designed to change and grow alongside the cyber threat landscape. This ensures that clients always have access to the most current and effective cyber risk management strategies.
Industry Expertise
Beazley’s long-standing presence in the cyber insurance market, spanning over two decades, has allowed them to develop unparalleled expertise. This deep understanding of businesses’ cyber challenges informs every aspect of their Full Spectrum Cyber solution.
In Summary
Beazley’s Full Spectrum Cyber represents a comprehensive and dynamic approach to cyber risk management. By combining insurance coverage with proactive risk prevention, cutting-edge security expertise, and adaptable strategies, Beazley offers a unique solution in the cyber insurance market. This holistic approach protects businesses from the financial impacts of cyber incidents and helps prevent them from occurring, making it a valuable tool for organizations navigating the complex world of cyber risks.
As cyber threats continue to evolve and become more sophisticated, solutions like Full Spectrum Cyber that can adapt and grow alongside these challenges will likely become increasingly important for businesses seeking comprehensive cyber risk management.
This description provides general information on cyber insurance and does not cover all specifics; actual coverage will depend on the terms of your individual policy.
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Beazley Cyber Insurance
Beazley is a global specialist insurance company offering a wide range of products and services. Founded in 1986, it has become a leader in the insurance market and operates in Europe, Asia, and North America. Beazley is known for its expertise in complex and large risks and innovative insurance solutions approach. The company’s core focus areas include marine, property, reinsurance, and specialty lines such as cyber, technology, and management liability.
In the realm of cyber insurance, Beazley offers comprehensive coverage through its Beazley Breach Response (BBR) product. BBR provides first-party and third-party coverage, including breach response services, cyber extortion, data recovery costs, business interruption, and liability protection. Beazley’s cyber insurance offerings are designed to help organizations of all sizes manage and mitigate the risks associated with data breaches, cyber-attacks, and other technology-related incidents. The company’s team of cyber experts works closely with clients to provide risk management guidance, incident response planning, and post-breach support.