Beazley – Cyber Defence for Marine
In 2019, Beazley launched an innovative affirmative cyber product designed to provide indemnity and risk management services for vessel owners and operators. The approach is best demonstrated by the launch in May 2019 of Beazley Cyber Defence for Marine, which covers physical damage and loss of hire if a vessel’s operational capabilities are impacted by a cyber breach.
The insurer developed an innovative solution that would help clients to be compliant, better protect them from cyber events and take advantage of Beazley’s considerable experience in providing indemnity in the event of a cyber breach.
What the judges said...
This is an interesting and niche innovation. The application of modern technological innovation in Cyber Risk in Marine Insurance is beyond the traditional scope of cyber risk in other business lines.