Together they will offer the broadest protection yet for data breach response and digital assets protection

Cyber

Beazley and Munich Re have teamed up to launch a major new push into corporate cyber insurance.

The specialist insurer and reinsurer will together provide insurance for up to $100m of cover.

Attacks relating to hacking, malware and distributed denial of service (DDoS) are part of the options that can be chosen by companies.

Property damage and bodily injury exposures deriving from malicious cyber attacks can also be taken into consideration, as well as episodes of cyber-extortion, commonly known as ransomware attacks.

Mike Donovan, Beazley’s focus group leader for technology, media and business services, said: “Rapidly flowing data is the lifeblood of modern business. When that data ceases to flow, or is siphoned off, the costs for large interconnected enterprises can be huge.

“We can now provide the kind of robust and flexible protection that large businesses need at a time when cyber threats are proliferating worldwide.”