To learn more, and to discuss the particular needs of your clients, please contact:

Chris Storer / Munich Re
Chief Underwriting Officer,
Cyber Solutions
cstorer@munichre.com
T +49 (0)89 3891 6933
Helga Munger / Munich Re
Claims
hmunger@munichre.com
T +49 (0)89 3891 6039
Paul Bantick / Beazley
Underwriting
paul.bantick@beazley.com
T +44 (0)20 7674 7250
Beth Diamond / Beazley
Claims
beth.diamond@beazley.com
T +1 (646) 943 5912
Your Risks
CONTACT
Chris Storer / Munich Re
Chief Underwriting Officer,
Cyber Solutions
cstorer@munichre.com
T +49 (0)89 3891 6933
Paul Bantick / Beazley
Underwriting
paul.bantick@beazley.com
T +44 (0)20 7674 7250
Helga Munger / Munich Re
Claims
hmunger@munichre.com
T +49 (0)89 3891 6039
Beth Diamond / Beazley
Claims
beth.diamond@beazley.com
T +1 (646) 943 5912

Cyber risk exposure – an ever changing landscape

As breach events increase, cyber risk management is top of mind among the leaders of the world’s largest companies. High-profile attacks, heightened regulation and an increasing array of target sectors have companies searching for tailored coverage.

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Cyber risk exposure – an ever changing landscape

As breach events increase, cyber risk management is top of mind among the leaders of the world’s largest companies. High-profile attacks, heightened regulation and an increasing array of target sectors have companies searching for tailored coverage.

Click each dimension of cyber risk for more information.

  • Massive distribution of false information
  • Systematic posting of wrong info on web pages
  • Non-compliance with regulations
  • Negative media or press after a cyber incident
  • Intellectual property infringement
  • Product/service failure
  • Privacy violation
  • Disclosure of trade secrets
  • Privacy laws
  • HIPAA
  • Gramm-Leach Bliley
  • GDPR
  • Critical infrastructure legislation (KRITIS 2.0)
  • Denial of service
  • Extortion
  • Electronic vandalism
  • Theft of confidential information
  • Malware
  • Outage of cloud provider
  • Unavailability of critical computer systems

Case studies

Global Financial Institution

A leading global financial institution, headquartered in Europe, held large volumes of client data but was also seeking coverage for other losses that could be triggered by cyber attacks. The client had considerable pre-existing coverage for risk such as technology errors and omissions, crime and property damage, and was looking for significant cyber coverage to supplement these policies. The key selling point for this client was claims service. The risk manager was looking for an insurer with extensive international claims experience in the cyber arena, which Vector’s partners could demonstrate.

US Manufacturer

A US manufacturer and existing Vector client, was looking to renew and expand their coverage to address additional business interruption and supply chain risks. The client valued the relationship and our willingness to create a bespoke solution which covered their downstream supply chain. For this long term client we were able to provide a $100m solution that afforded broad first and third party coverage requirements including business interruption and system failure.

One of the largest manufacturers in the United States was seeking significant coverage for cyber related risks that could bring its plants to a standstill – and in particular broad coverage for cyber-related contingent business interruption (CBI) exposures. Vector stepped forward to provide primary coverage, enabling the broker to build a tower with exceptionally large limits. Supply chain risks are challenging to insure for property damage triggers and doubly so when the trigger is a non-property damage risk such as a cyber attack. The Vector partners were able to offer meaningful capacity for such risks for named, strategically important suppliers, considered critical for the smooth running of the client’s manufacturing operations.

European Manufacturer

A European manufacturer was looking for a cyber solution to cover their supply chain and thirty largest suppliers. The client valued our willingness to build coverage around their specific needs and structure a solution that was not possible with our markets. With primary coverage from Vector, the client was able to assemble more than €300 million in limits.

Global Manufacturer

A global manufacturer and existing buyer of cyber coverage from Beazley and property coverage from Munich Re, wanted to restructure its cyber program, removing sub-limits, broadening its cover and achieving this within budget during the normal renewal cycle. For this long term client we were able to move quickly to underwrite the additional exposures and provide a $100m solution that afforded broad first and third party coverage requirements including business interruption.

Multi-national Conglomerate

One of Asia’s largest businesses, with diverse interests in multiple sectors, approached us to obtain cyber coverage to supplement its property coverage for its upstream and downstream energy interests. Energy companies have not historically been major buyers of cyber insurance, but they are becoming increasingly aware of the potential impact of a cyber attack targeting critical assets. Through our risk engineering services, we were able to support the client in qualifying and quantifying their cyber exposure, and transferring the exposure via a bespoke cyber solution.

European Retailer

A major European retailer was seeking broad business interruption coverage and third party liability coverage with high limits. The coming into force in 2018 of the European Union’s General Data Protection Regulation (GDPR), which imposes unprecedented requirements on organizations holding large volumes of personally identifiable customer data, was a major driver for the purchase. With primary coverage from Vector, the client was able to assemble more than €500 million in limits.

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For all coverages, terms, conditions and exclusions, refer to the actual insurance policy. Beazley has authority to enter into contracts of insurance on behalf of the Lloyd’s underwriting members of Lloyd’s syndicates 623 and 2623 which are managed by Beazley Furlonge Limited. Beazley Furlonge Limited is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK (ref 204896) in its capacity as an insurer.

Corporate Insurance Partner is the description of a number of business units across different legal entities of Munich Re that provide individual solutions for medium-sized and large industrial clients. The legal entities include Munich Reinsurance Company in Munich (and its branches in Paris, Singapore, and Hong Kong), Munich Reinsurance America, Inc., and Great Lakes Insurance SE (and its branches in Australia, New Zealand, Italy, Switzerland and the UK).

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