Beazley expands cyber insurance offering in Germany
Specialist insurer Beazley is launching enhanced versions of its flagship Beazley Breach Response (BBR) and InfoSec cyber policies for businesses domiciled in Germany.
The BBR policy provides a complete privacy breach response management and information security insurance solution for small to medium-sized businesses. It includes breach response services in addition to first-party coverage for Business Interruption (BI), dependent BI, cyber extortion and data recovery costs as well as eCrime, which covers the insured for fraudulent instruction, funds transfer and telephone fraud.
InfoSec gives large businesses access to comprehensive first-party cover for cyber risks including cyber extortion, data recovery costs, (BI) and dependent BI arising from security breaches and system failures and eCrime. It also includes third-party cover for claims arising out of a cyber breach. In the event of a cyber incident, the Beazley InfoSec policy will also cover 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.
In addition to BBR policyholders, Beazley InfoSec customers now have access to pre-breach and risk management services through Beazley’s award-winning claims and BBR Services team.
The launch follows the appointment in February of Gesine Froese, Beazley’s first dedicated cyber & technology underwriter in Germany, and is part of the expansion of Beazley’s offering in mainland Europe.
Alessandro Lezzi, head of international cyber & tech at Beazley, said: “The Beazley cyber offerings are designed to provide 360° protection through streamlined, easy-to-interpret wordings and a service that goes far beyond simple risk transfer. The increasingly complex risk landscape requires clear insurance cover that will protect businesses on many fronts and support them with great service and response should they experience a loss, whether from ransomware or any other cyber loss. We’re very pleased to now be launching these enhanced policy forms for BBR and InfoSec in Germany.”
Gesine Froese, cyber & tech underwriter at Beazley, said: “German businesses face a growing cyber threat that is always evolving, as we have also seen during this pandemic. BBR and InfoSec are designed to help companies build their resilience against these threats as well as provide protection and financial support in the event of a claim.”