QBE reveals global cyber product

QBE reveals global cyber product | Insurance Business Australia

Insurance News

QBE reveals global cyber product

It looks to bolster cyber resilience for clients worldwide

Insurance News

By
Grant Funtila

On July 16, 2024, QBE Insurance announced its new policy, QCyberProtect. It’s designed to enhance cyber resilience for a broad range of clients worldwide.

The new policy aims to provide tailored coverage for losses arising from current and emerging cyber risks. These include network security, privacy liability, IT and non-IT business interruptions, and reputational loss.

“Strategic investments in our cyber capabilities have strengthened our ability to shield our clients from the most pressing cyber threats,” said Andrew Horton, group CEO of QBE Insurance. “This offering highlights our commitment to delivering globally consistent and practical solutions that address the ever-evolving cyber risks our customers face around the world.”

Through QCyberProtect, QBE wants to provide cyber insurance for different types of organizations, including mid-sized companies that rely on outsourced IT departments to global corporations with complex and large-scale IT systems.

“QBE’s global cyber policy is supported by a network of highly skilled cyber experts and strategic partners to ensure world-class coverage and service,” said Serene Davis, QBE global head of Cyber. “We are providing our customers with the comprehensive coverage and services they need to navigate end-to-end cybersecurity issues.”

In addition to its global cyber insurance coverage, QBE will also implement QCyberPrepare in different locations across the globe. QCyberPrepare is a cyber saferoom that lets cyber customers launch incident response plans in a secure platform with safe messaging. The new management tool will provide organisations with a way to be connected, confident, and in control before, during, and after a cyber crisis.

QCyberProtect is currently available in Australia, Hong Kong, Malaysia, Netherlands, Singapore, Sweden, UAE, United Kingdom, United States and Vietnam. More countries will be able to use the new cyber coverage in the future.

QBE offers commercial, personal, and specialty products and risk management products. It currently employs around 13,500 people in over 20 countries across the globe.