We have developed insurance to protect the plan, its trustees and the associated company for any related indemnity that they provide. Cover includes:
- Regulatory costs
- Data breach
- Contribution notices
- Extradition and repatriation
- Foreign jurisdiction liberalisation
- Full limit mitigation costs cover
- Damage to reputation
- Freezing of assets and disqualification.
The cyber challenge
It is all too easy to think of data breach as a single risk facing an organisation. The reality is that it constitutes a whole range of risks and the prevalence of each change over time.
Beazley pioneered the development of data breach related insurance and, as a market leader in the field, we have helped clients handle over 7,000 data breaches since 2009. As illustrated in the following two snapshots, our experience provides a valuable insight into the challenges faced by organisations and their officers in preparing for, and dealing with, the changing nature of incidents:
- Ransomware attacks were over four times more numerous in 2016 than in 2015.
- Unintended disclosure, most often emails or faxes sent to the wrong recipient, represented 32% of breaches in 2016, up from 24% in 2015.
Source: Beazley breach insights
Our international management liability policies include data breach cover as standard.
Up to US$25,000,000
A broad range of organisations can benefit from Beazley’s specialised cover.
Worldwide (excluding United States domiciled organisations).
Pension trustee liability team
Regional Manager, Asia - International Financial Lines