Beazley Cyber Insurance Review

Ransomware, scareware, spyware, and other malicious cyber activity are getting more common, and Paul Bantick, Head of Global Cyber & Technology, is worried many UK businesses aren’t adequately prepared.

“In the last decade, the cyber threat landscape has changed. While the loss or disclosure of personal or sensitive data used to be a company’s primary concern in assessing their cyber risk, businesses are increasingly facing threats to their ability to conduct normal operations.”

Thankfully, insurers are stepping up to the mark and offering more innovate and comprehensive cyber protection than ever before – here’s a closer look at Beazley’s cyber protection offering.

Beazley cyber cover

With Beazley, your policy is unique to you and your business, that is why Beazley has been one of the top leaders for cyber insurance since 2009.

Beazley has a 360 approach that allows businesses access to a selection of solutions that are created to protect you from dangerous cyber risks.

First-Party Coverage

Cover your business seamlessly in the event of a cyber breach – the policy includes:

  • First-party coverage for cyber extortion
  • Data recovery costs
  • Business interruption
  • System failures
  • Contingent interruption
  • eCrime coverage

Beazley’s breach response plan

You also get support in other ways, including expert help when a cyber breach occurs with Beazley Breach Response (BBR).  

BBR offers multiple towers of coverage that ensure that the breach response cost is covered under your policy – so you can take immediate action to limit the damage of a breach without worrying about the cost to your business.

BBR Services

Beazley markets their policy as unique to every business. BBR exclusively focuses on helping its clients and dealing with cyber incidents successfully and efficiently.

Cyber breach professionals assist BBR policyholders closely during an incident investigation and breach response.

They coordinate with the forensic expert to help establish what has been affected and compromised.

When a potential breach occurs:

Under the BBR you’ll follow a five-stage process if or when a breach occurs, this involves:

  1. Notify: Informing Beazley and your dedicated breach response team of the potential breach. You can do this 24 hours a day online or by calling their UK hotline.
  2. Mobilize: Your BBR services manager will contact you to provide guidance and to recommend any immediate action you should take.
  3. Coordinate: BBR work with your business team to finalise notification lists and emails to help coordinate your external response to any breach.
  4. Guidance: You’ll continue to get expert breach response guidance after the initial response, for example they’ll be able to help you decide if notification to the ICO or other relevant bodies is necessary.
  5. Monitoring: After the initial breach has been resolved the BBR team can work directly with affected individuals and enrol them in a monitoring system to help contain any subsequent damage caused by the initial breach.

Beazley Breach Response

BBR provides a range of services designed to help you and your business stay protected. It is the leading solution for privacy and security risk. This allows an effective and efficient response if you are ever compromised.

Beazley encourages the circulation of information packets for the members of the data response team so they can incorporate these resources themselves. This allows the policy to focus on responding to an actual suspected breach.

The BBR policy includes:

  • “Information Security Incident Response” guide to empower organizations staff with vital knowledge on forensic procedures during a suspected breach
  • Assistance at every stage of an investigation

Calling or emailing the BBR team to notify them of a suspected breach activates these services:

Breach investigation and consulting

  • Legal Services
  • Computer forensic services

Response to breach events

  • Notification services e.g. foreign notification 
  • Call centre services
  • Breach resolution
  • Mitigation services
  • Public relations
  • Crisis management expenses

Ways Beazley protect you against ransomware

Beazley help protect their policyholders against ransomware in a number of ways, including:

  • Identifying potential risks and how severe the consequences could be
  • Strict Sender Policy Framework (SPF) Filtering inbound messages for malicious content
  • Helping ensure appropriate measures for general user and system access are in place
  • Uses strong, unique backup credentials, and secures them separately
  • Trains policyholders to identify phishing emails
  • Regular vulnerability scans and rapidly patches critical vulnerabilities across endpoints and servers
  • Remote Desktop Gateway (RDG) or secure RDP with a multi-factor authentication-enabled virtual private network (VPN).

You can find more about Beazley’s 360 approach to ransomware can be on the Beazley website.

Beazley Cyber Security FAQ’s

What is the Customer Service number for Beazley?

The customer service hotline for UK based quires is +44 (0)20 3514 2434

Why should I choose Beazley?

Beazley is different from most of the insurers that you will come across and has been a leader in cyber insurance since 2009.

Their expertise and underwriting lie in specialist risks; combined with a deep understanding of the insurance needs of specific sectors and clients.

I suspect my business may be under breach, when should I notify you of it?

You should notify Beazley as soon as you suspect that personally identifiable or confidential data for which you are responsible might have been compromised.

The sooner you notify us about a potential data breach, the more our team can do to help.

Can I report a potential breach out of hours?

Yes, you can contact Beazley 24/7 on the above number as well as filling out a BBR Incident Notification Form where a member of Beazley’s team will contact you.

What happens after notifying you of a breach?

A team member will respond to the notice on the same or next business day and will call to discuss the incident, assist you with any needed breach investigation and response services available under your policy.

You’ll then follow the 5-step breach response process after notification.

Martin Lane
Written by Martin Lane, Head of Content

Cyber insurance buying guide for SME’s

2021

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