Cover stories

Simple, cost effective, supportive cyber cover

Most organisations appreciate they face cyber threats, and are increasingly being warned by industry research, press reports and government initiatives. But there are barriers to buying appropriate insurance so they often reach out to their IT providers to tackle the issue.

When developing our new cyber risks offering, we carefully considered our client base in an attempt to remove the barriers that prevent organisations buying this type of insurance.

The Markel cyber risks solution

  • Simple

Firstly, cover needs to be simple and accessible for all organisations, whilst maintaining the essence of a specialist cyber policy.  Our policy is not modular, and we have simplified the format and language.  

  • Cost effective

Secondly, the pricing needs to reflect the size of risk so we have looked to address the expectations of SMEs, as well as larger organisations.

  • Supportive

Thirdly the value of a cyber policy is often in the services provided rather than the expectation of a specific claim. We are providing a unique solution by giving clients access to a cyber risks helpline to assist with risk management and prevent claims through expert legal and technical guidance. Should the worst happen, our claims team will offer a coordinated response with the necessary Legal, IT and PR crisis management support. For brokers selling cyber cover, we hope to provide a value option across our client base and support the product with relevant knowledge and claims examples.

Visit our cyber risks product page for further information.