Beazley and Munich Re Join in Cyber Insurance Push

Beazley, a key player in data breach response insurance and the largest insurer of cyber liability in the Lloyd’s market, has now partnered with Munich Re “to offer broad protection for digital assets and IT infrastructure of the world’s largest companies.” Due to the different needs and vulnerabilities of these large corporations, coverage options involve a large number of brokers and are specifically catered to each individual client’s needs, providing up to $100 million of protection for cyber risks including hacking and malware attacks, DDoS attacks, cyber extortion as well as both property damage and bodily injury exposures from malicious cyber-attacks. “Beazley and Munich Re have seen significant demand for insurance cover of this type and have already bound insurance for multinational clients seeking the broad protection – both in terms of perils covered and financial limits – that their partnership uniquely affords,” the companies indicated.