Streamlined policies offer 360 degree protection to Canadian businesses against cyber risks
Specialist insurer Beazley has enhanced its flagship Beazley Breach Response (BBR) and media & technology (MediaTech) policies for businesses in Canada.
As part of Beazley’s ongoing commitment to providing easy to understand policies, the insurer has streamlined these key policy wordings to ensure clarity for brokers and customers in Canada. Cyber extortion, business interruption (BI), dependent business interruption and eCrime coverages have now been integrated into the main policy, rather than being added by endorsement.
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 BI, dependent BI, cyber extortion, and data recovery costs as well as eCrime for fraudulent instruction, funds transfer and telephone fraud.
MediaTech is designed to provide comprehensive errors and omissions (E&O) insurance to cover technology-based services and products, non-technology professional services, unintended breach of contract for professional liability exposure, online and offline media, copyright or trademark infringement. Cyber coverage has also been incorporated into the policy and includes breach response costs, first and third party coverage as well as eCrime.
In addition to BBR policyholders, MediaTech customers can now access resources for incident response planning, employee training, compliance, and security best practices via BBR Services’ global risk management portal, beazleybreachsolutions.com. Further resources including expert webinars providing education on the latest threats, preventive steps and regulatory requirements are also available via the portal.
Alessandro Lezzi, head of international cyber & tech at Beazley, said: “To support Canadian businesses during today’s environment of heightened cyber and security risks and increasing litigiousness, Beazley’s BBR and MediaTech policies are designed to provide 360 degree protection through streamlined, easy to interpret wordings. The increasingly complex risk landscape requires clear coverage that will protect businesses on many fronts and support them with great service and responsiveness should they experience a loss.”
Rhea Turchinetz, cyber & tech underwriter and head of Beazley’s Vancouver office, said: “Canadian businesses face a growing cyber threat that is always evolving as we have seen during this pandemic. More of us logging onto work IT networks remotely has created additional security issues that employers and their workforce need to be alert to. BBR and MediaTech are designed to help companies to build their resilience against these threats as well as provide protection and financial support in the event of a claim.”
The offering is supported by an award-winning claims and breach response services team. Recently, Beazley was named Insurer of the Year at the 2020 Advisen Cyber Risk Awards and the BBR Services team was awarded the distinction of Pre-Breach Team of the Year.
Source: Company Press Release