Over the past 12 months virtually every industry sector around the globe has been hit by some type of cyber threat. Some examples:

The FBI disclosed that over 3,000 companies had been breached during 2013; US retailers have had an unprecedented assault leading to a rush to new payment card standards; in the UK personal details of 100,000 employees were stolen and published online; in South Korea 105 million payment card details were exposed; in Verden, Germany 18 million personal records stolen; in the Middle East cyber thieves stole $45M from worldwide ATM accounts of two banks.*

All businesses are exposed to cyber risks resulting from loss or damage to its computers, networks and data. Such losses can directly affect revenue and lead to litigation from customers, regulators and other third parties. As a result, the BMS team work closely with Insurers to create bespoke cyber programs for MGAs, brokers and Insurers that provide tailored solutions for all their clients from the smallest to the largest.
*Source: PwC Report – ‘Managing cyber risks in an interconnected world 2015’.

Limits

Coverage can be as simple as a small additional sub limit offered to clients from $25,000
through to full cyber policies with limits in excess of $10m for those who need it.

First party cyber risk exposures:

  • Loss or damage to data or software programs
  • Network failure resulting in loss of income and additional costs
  • Cyber extortion
  • Damage to brand
  • Computer crime

The above is not exhaustive and programs can be designed to meet the individual client base requirements.

Third party cyber liability exposures:

  • Security and privacy breaches
  • Regulatory breaches
  • Customer notification following a security or privacy breach
  • Defamation
  • Negligence
  • Intellectual Property Infringement
  • Liability for damage to or corruption/loss of third-party data or information
Alasdair Ritchie Managing Director

D: +44 20-7374-5906
alasdair.ritchie(_at_sign_)bmsgroup.com | More Information