FTSE 100 companies consider benefits of customised cyber protection
Britain's largest companies are showing strong interest in multifaceted cyber protection following the launch of a customised cyber insurance solution for large businesses by Beazley and Munich Re in April.
"We've been extremely pleased by the response of brokers and clients in the UK to our partnership with Beazley. We've found that manufacturing companies, which have not traditionally been major buyers of cyber insurance, are now showing a much greater interest," said Chris Storer, head of cyber solutions for Munich Re's Corporate Insurance Partner unit. "They are concerned about issues such as supply chain vulnerability and the possibility of major production shutdowns stemming from cyber attacks."
FTSE 100 companies, and other UK firms with revenues over £1 billion, are working with Beazley and Munich Re to develop unique solutions addressing the specific risks faced by their firms, and their industries. The recently released EU General Data Protection Regulation (GDPR), carrying fines of up to 4% of annual turnover for the mishandling of data breaches, is increasing the level of interest in holistic cyber protection for the largest companies in the UK, and Europe overall.
"The flexibility of the solution we're offering in partnership with Munich Re is a key driver of the interest from the UK's largest companies," said Paul Bantick, Beazley's UK focus group leader for technology, media and business services. "Half of the companies we're working with are first time buyers of cyber insurance protection looking for a solution that is robust, enterprise-wide and tailored to their unique risk profile."
The UK represents an attractive market for the cover offered by Munich Re and Beazley due to the relatively high proportion of very large enterprises based there.
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