Regulation will continue to evolve over the course of the year and could impact the ability of insurance to provide the level of coverage that it currently does in some territories. There will also be greater pressure on firms who suffer a data breach or cyberattack to notify official privacy bodies, which could create additional knock-on effects following an incident.
Simultaneously, cybercriminals are becoming more aggressive in their attacks as they seek new ways to force companies to pay ransoms and monetise the data they steal.
Given these factors, having an experienced cyber insurer that offers risk management services on your side will be more important than ever. By taking proactive risk management steps, organisations will help to reduce the likelihood of an attack and be in the best position to avoid all of the financial, managerial and reputational damage that this can cause.
The information set forth in this document is intended as general risk management information. It is made available with the understanding that Beazley does not render legal services or advice. It should not be construed or relied upon as legal advice and is not intended as a substitute for consultation with counsel. Beazley has not examined and/ or had access to any particular circumstances, needs, contracts and/or operations of any party having access to this document. There may be specific issues under applicable law, or related to the particular circumstances of your contracts or operations, for which you may wish the assistance of counsel. Although reasonable care has been taken in preparing the information set forth in this document, Beazley accepts no responsibility for any errors it may contain or for any losses allegedly attributable to this information.