Beazley bolsters cyber insurance for UK businesses

Specialist insurer Beazley has improved its cyber policies in the UK to provide simpler, user-friendly policies.

The company's first-party cover, including cyber extortion, data recovery costs, business interruption, contingent business interruption and e-crime, have been integrated into the main policy rather than being added by endorsement. The InfoSec and Beazley Breach Response (BBR) forms have also been streamlined. This, the insurer said, will make cover clearer to understand for brokers and customers.

Access to Beazley’s in-house breach response unit, BBR Services, now offer access to resources for incident response planning, employee training, compliance, and security best practices, as well as providing newsletters and live expert webinars on the latest threats, preventive steps and regulatory requirements.

The BBR policy for small to medium-sized businesses provides breach response services for up to five million individuals. It also covers payment card industry costs, regulatory defence and penalties, and first-party and e-crime cover.

Infosec, the information security and privacy policy for larger businesses, covers fees and costs for legal and forensic services, notification services, call centre services, credit monitoring, identity monitoring or other personal fraud or loss prevention solutions, and public relations and crisis management if a loss occurs.

Paul Bantick, head of cyber and executive risks for London and international at Beazley, said: “Businesses are playing catch-up with highly adaptable cyber criminals. Our role is to ensure our clients have the support they need to defend themselves against attacks and data breaches.”