Munich Re Specialty Insurance has launched Reflex, a proactive cyber risk management program offering complimentary risk control services.
The new solution is available free of charge to US-based primary cyber insureds of Munich Re with coverage provided on behalf of Lloyd’s Syndicate 457.
Reflex is a white-glove program overseen by a team of Munich Re program specialists. Insureds will receive guided access to services tailored to their changing needs. Program services are provided by a team of industry experts from the privacy, network security and cyber training and awareness sectors (see Cyber Security, Insurance & Cyber Business Intelligence Review).
Industry professionals will work directly with insureds to deliver risk management initiatives aimed at building strong cyber culture and mitigating cyber exposure.
Services include employee training and education, phishing simulations, real-time intervention, incident-response tabletop exercises, and advisory services with privacy attorneys and technical experts.
Offering complete solutions designed to shape an organization’s cyber resiliency speaks to the value we place on protecting our insureds. We developed this program to allow our insureds a confidential setting to improve their cyber maturity with trusted partnersMaria Long, MRSI’s risk management portfolio leader
Delivered through a specially facilitated, white-gloved approach, policyholders will experience proactive, guided access to services that fit their specific and evolving needs (see Cyber Insurance, Ransomware & Hybrid Warfare Outlook).
A 2022 Stanford study found that 90% of cyber attacks are caused by human error, and 90% of ransomware attacks originate from phishing emails. An IBM Security report from last year found that companies that tested their incident response plan saw average breach cost savings of $2.66 million over companies that didn’t test.
Reflex services are designed to help companies avoid cyber breaches, improve cybersecurity culture, and control the scope of cyber events.
Munich Re Specialty Insurance’s new cyber and technology insurance solutions are offered on a non-admitted basis for both primary or excess protection.
The policies have been designed to automatically include coverages which are typically provided by other carriers only through endorsements to policies, thus delivering more comprehensive and seamless products.
Policyholders will have access to a network of leading providers offering proactive risk management services and a 24/7 data breach hotline. Coverage is underwritten on behalf of the Munich Re Syndicate, which offers the underwriting innovation of Lloyd’s.