Munich Re announces cyber risk management program – Insurance Business
Munich Re Specialty Insurance (MRSI) has announced the launch of Reflex, a customized cyber risk management program.
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.
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.
“The need for security at all levels of an organization is paramount,” said Steve Pacheo, head of US cyber and tech errors and omissions at MRSI. “Working closely with our cyber clients and our industry-leading partner companies, we have developed this comprehensive risk management program. Reflex is a significant enhancement to our cyber product.”
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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, MRSI said.
“We are proud to be leveling up our cyber product,” said Maria Long, MRSI’s risk management portfolio leader. “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 partners. Investing in our insureds’ cyber maturity is a win-win.”
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