QBE North America Adds Breach Planning Services for All Cyber Policies
QBE North America, a specialty global insurer and reinsurer, now offers data breach planning services in all of its cyber policies. By doing so, the company provides its customers with access to end-to-end risk management capabilities, QBE VP of Underwriting Steven Anderson said in a prepared statement.
The QBE data breach planning services are available via the Breach Plan Connect online platform, according to the company. Breach Plan Connect ensures QBE customers can use the company’s data breach planning services in response to any cyber incident, at any time.
QBE Introduces Privacy and Network Security Offering
QBE last month unveiled The Solution for Cyber Risk privacy and network security offering, according to a prepared statement.
The Solution for Cyber Risk is a product suite powered by cyber risk management services provider NetDiligence. It helps organizations address network security breaches, privacy violations and other cyber threats, QBE said.
In addition, the Solution for Cyber Risk provides QBE customers with access to the eRiskHub portal, which offers data loss control expertise, risk management tools, cyber risk news and education and breach response guidance. The product suite also helps organizations take a proactive approach to mitigate risk, QBE noted, and stay informed about evolving dangers and changing regulations.
QBE, Others Eye the Global Cyber Insurance Market
The global cyber insurance market is projected to expand at a compound annual growth rate (CAGR) of nearly 28 percent between 2016 and 2022 and could be worth $14 billion by 2022, market research firm Allied Market Research indicated. Meanwhile, QBE is one of many insurance companies that looks poised to capitalize on the rising demand for cyber insurance.
Coalition Inc., a San Francisco-based cyber insurance provider, this week announced it raised $10 million in Series A funding from Ribbit Capital, Valor Equity Partners, Vy Capital and other investors. The company intends to use the funding to expand its engineering team and enhance its cyber risk management platform, co-founder Joshua Motta stated.
Furthermore, American International Group (AIG), a worldwide property casualty, life and retirement and general insurance provider, in October said it planned to add cyber coverage to its commercial casualty insurance. With this coverage in place, AIG ensures its customers are protected if they are victimized by a data breach.