Brit launched BCAP in 2014 to deal with the protection hole that had arisen available in the market, which excluded bodily harm and subsequent enterprise interruption ensuing from a malicious cyberattack.
Last 12 months noticed a rising variety of cyber incidents that impacted bodily belongings, whereas a risky financial and geopolitical panorama spurred elevated demand for the safety of essential infrastructure, manufacturing and industrial operations, Brit stated.
BCAP additionally continues to supply a broad vary of cyber protection together with enterprise interruption, knowledge privateness, breach response, cyber extortion, reputational hurt and cyber legal responsibility protection.
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“BCAP has always acted as a pioneer in the cyber market,” stated Adam Taylor, class underwriter for cyber, privateness and know-how at Brit. “Although the rising frequency and severity of cyberattacks is well-documented, we’re seeing that bodily belongings have gotten ever extra weak to risk actors, particularly given the pattern in the direction of digitalization and progress of IoT in manufacturing, industrial processes and bodily infrastructure.
“We have continued to innovate BCAP to ensure it can both insure against these risks while also offering a full suite of traditional cyber coverage, making it the most comprehensive and flexible product in the market. The growing demand we are seeing has enabled us to renew and expand the consortium, and we’re delighted to have the commitment of our capacity partners, enabling us to continue to solve a critical need through a unique product.”
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