Holistic solution improves the resiliency of businesses in an increasingly volatile world
New York, NY (Sept. 16, 2019) – QBE North America, an integrated specialist insurer, is pleased to announce the launch of an enhanced cyber solution to help protect customers from the growing risk of cyber threats. With the addition of a new admitted cyber form, The Solution for Cyber Risk now offers a holistic risk management solution for businesses that combines insurance with cyberattack prevention services as well as post-breach response assistance.
“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,” said Steven Anderson, Vice President, Vice President/Product Leader – Cyber, QBE North America.
The Solution for Cyber Risk’s new admitted form has coverage for cyber liability; media liability for digital and electronic publication; data breach notification costs; asset rectification costs; regulatory defense and penalty costs; public relations fees; forensics; business interruption; and extortion and credit monitoring.
It offers easy-to-read policy language, first and third-party insurance clauses and fewer exclusions, which are clearly articulated to customers. The solution considers risks up to $10 million across a number of business classes including financial services, healthcare, life sciences, information technology, telecommunications and manufacturing.
A Holistic Solution
As part of the solution, QBE also offers data breach planning services through Breach Plan Connect® (PDF). This service simplifies the data breach planning process by offering a checklist that includes best practices to follow in the event of a data breach and specific breach-focused responses, as well as links to QBE’s eRiskHub® portal, powered by NetDiligence®. Most importantly, risk managers can customize the response plan to suit the needs of their organizations and, since it is a cloud-based Software as a Service (SaaS), the plan can be accessed anywhere, anytime, from any device. The product also gives businesses the option to take a pre-breach cyber risk self-assessment to determine their current level of protection and what they need to do to strengthen it.
Policyholders also have access to the eRiskHub® portal, also powered by NetDiligence®, in case a cyber breach does occur. The tools and resources to help an organization and manage its exposures, as well as immediate and seamless access to their data breach response plan can make all the difference to an impacted organization’s reputation and bottom line.
“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,” said Anderson. “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.”
To learn more about The Solution for Cyber Risk, please click here.
QBE North America, an Integrated Specialist Insurer, is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2018 of $4.7 billion. QBE Insurance Group’s 2018 results can be found at www.qbe.com.
Headquartered in Sydney, Australia, QBE operates out of 31 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. The actual terms and coverage for all lines of business are subject to the language of the policies as issued. QBE insurance companies are rated “A” (Excellent) by A.M. Best and “A+” by Standard & Poor’s. For more information, visit www.qbe.com/us.
SOURCE: QBETags: Cyber Insurance, launch, QBE