The product is designed to protect clients from the impact of physical damage arising from cyber-attacks
Brit has announced the renewal and planned expansion of its cyber consortium, Brit Cyber Attack Plus (BCAP), a product designed to protect clients from the impact of physical damage arising from cyber-attacks.
BCAP offers limits of up to $100m and wrote in excess of $100m in Gross Written Premium in 2022, making it one of the largest cyber consortiums in the market by both premium and capacity. It is projected to grow premium by up to 50% in 2023.
Adam Taylor, class underwriter, Cyber, Privacy and Technology explained that physical assets are becoming ever more vulnerable to threat actors, “given the trend towards digitalisation and growth of IoT in manufacturing, industrial processes and physical 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,” he continued.
”The growing demand we are seeing has enabled us to renew and expand the consortium and we’re delighted to have the continued commitment of our capacity partners, enabling us to continue to solve a critical need through a unique product.”
Cover for a more connected world
As businesses in the energy, industrial, manufacturing and utility industries found their property assets increasingly dependent on technology, the consortium was launched in 2014 to address the coverage gap that had emerged in traditional lines of insurance, whereby physical damage and subsequent business interruption emanating from a malicious cyber-attack were being excluded.
2022 saw a growing number of cyber incidents impacting physical assets, while the increasingly volatile economic and geopolitical landscape is driving increased demand for the protection of critical infrastructure as well as manufacturing and industrial operations.
The consortium also offers a broad spectrum of cyber coverage including business interruption, data privacy, breach response, cyber extortion, reputational harm and cyber liability coverage.