Cover Stories

Simple, cost effective, supportive cyber cover

Most organizations 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 organizations are often left alone to handle cyber threats and data security issues.

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

The Markel cyber risk insurance

Simple

Firstly, coverage needs to be simple and accessible for all organizations, whilst maintaining the essence of a specialist cyber policy. Markel offers both a standalone cyber policy along with a cyber endorsement, and we have simplified the language.

Cost effective

Secondly, the pricing needs to reflect the size of the risk so we have looked to address the expectations of both small and larger organizations.

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 eRiskHub portal to assist with risk management and prevent claims by providing up-to-date information, templates 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 valuable option across our client base and support the product with relevant knowledge and claims examples.

Visit our cyber risks product page for further information.