QBE North America has enhanced its Solution for Cyber Risk to have a holistic approach towards managing cyber risks faced by organisations


Image: QBE North America improves cyber security solution. Photo: Courtesy of Pete Linforth/Pixabay.

Integrated insurer QBE North America has launched Solution for Cyber Risk, an enhanced cyber solution, to protect its customers from the growing risk of cyber threats.

The enhanced Solution for Cyber Risk now offers a holistic risk management solution for businesses combining insurance with cyberattack prevention services and post-breach response assistance.

The new form of Solution for Cyber Risk now covers cyber liability, media liability for digital and electronic publication, data breach notification costs, asset rectification costs, regulatory defence and penalty costs, public relations fees, forensics, business interruption and extortion and credit monitoring.

QBE’s solution considers risks up to £8m for businesses in several industries

The solution considers risks up to $10m (£8m) across several business classes, including financial services, healthcare, life sciences, information technology, telecommunications and manufacturing.

The policy is offered in an easy-to-read language, with first and third-party insurance clauses and fewer exclusions, which are clearly articulated to customers.

QBE North America product leader – cyber vice-president Steven Anderson said: “This solution was truly developed with the business customer in mind. It’s a paradigm shift from simply providing insurance to offering an integrated, holistic risk solution that helps improve the sustainability of our customers—making them more resilient to evolving cyber risks.”

The insurer said that the solution also offers data breach planning services through its Breach Plan Connect. The service simplifies data breach planning process by offering a checklist, which includes best practices to follow in the event of a data breach and specific breach-focused responses, along with links to QBE’s eRiskHub portal, powered by NetDiligence.

Risk managers can customise the response plan as per the needs of organisations and as it is a cloud-based Software as a Service (SaaS), it can be accessed anywhere, anytime, from any device.

The product also offers businesses the option to take pre-breach cyber risk self-assessment to calculate the current level of protection and what they need to do to strengthen it.

QBE Customers can also access the eRiskHub portal, powered by NetDiligence, in case of a cyber breach. The tools and resources to help an organisation and manage its exposures, as well as immediate access to their data breach response plan, are expected to help an affected organisation to safeguard its reputation.

Anderson said: “The impact of a cyber breach can be severe and long-lasting. We are very pleased to launch this solution, which provides valuable protection to businesses.

“By combining cyber insurance with risk prevention and post-breach services, we’re able to help our customers reduce the likelihood and the impact of a cyber-attack.”