Cyber Breach Solutions for Small Businesses

Any small or medium sized business that relies on computers and technology to function is at risk of suffering a cyber-attack. This incident can affect the company’s ability to operate and its reputation. These businesses are particularly vulnerable as their IT security tends to be less sophisticated and they have fewer resources available to them to prepare, manage and recover from an incident.   

We have designed our market leading Cyber Beazley Breach Response (BBR) solution to help businesses prepare, manage and recover from a cyber incident. Our insurance solution offers much more than just paying a claim should the worst happen.

Our service is broken down into 3 integral parts:

1. Pre-breach – we help clients to understand the cover, the risks and educate their employees about effective cyber security and risk management processes.

Our clients also benefit from:

• Port scans - setup to spot weaknesses in their IT security system
• Access to a portal of information on IT security
• Access to a network of vendors experienced in improving and handling cyber risk

2. Breach response – if a cyber incident occurs, our in-house Cyber Services Team will work side by side with our client until the incident is resolved.

3. Claims support - Our award winning cyber & tech claims team is at the forefront of defending clients against cyber incidents.

The type of protection that our coverage includes

Breach Response

The types of services include:

Legal Services

• Computer forensics services
• Call center services
• Credit monitoring, identity monitoring for other personal fraud or loss prevention solutions
• Public relations and crisis management expenses

First Party: Your losses

• Business interruptions caused from a security breach or system failure 
• Dependent business interruption loss from security breach or system failure
• Data recovery

Third Party: Your liability to others

• Media liability
• Regulatory defense and penalty costs
• Payment card liability and costs
• Third party information security and privacy coverage         

ECrime:

• Social Engineering - a practice of contacting another person with the goal of transfer of funds to an imposter: the funds are transferred willingly by an honest employee being spoofed
• Funds transfer fraud
• Telephone fraud

 

Registered brokers can place our Cyber BBR Small Business Solution cover via the myBeazley platform.

Helping SMEs manage cyber incidents swiftly and smoothly

We have years of experience and a long track record in providing cyber insurance. Our expertise includes helping tens of thousands of clients manage and get their business back on track following a cyber-attack or data breach. This means that we understand how overwhelming and shocking an incident can be, and it is why we created this market-leading, fully-fledged cyber cover to support businesses.

A school district was hit with ransomware and two of its servers were completely encrypted.  Critical documents were rendered inaccessible.  Cyber Services coordinated an engagement with forensics and legal counsel.  Forensics was able to quickly identify the type of ransomware and determine its known capabilities.  They were also able to find the decryption key for this particular strain of malware and use it to successfully restore all of the district's files.

A manufacturer employee's active directory account was compromised. The hacker used the employee's mailbox to send emails requesting a money transfer to some outside account. Cyber Services arranged for the manufacturer to work with panel counsel and forensic firm. The forensic firm determined that no personally identifiable information had been compromised and the law firm determined the manufacturer had no obligation to notify.