Global companies increasingly want cyber coverage to plug gaps in their business interruption and contingent business interruption insurance, according to Munich Re and specialist insurer Beazley.

Vector, a partnership formed by the two companies, has noted increased demand as companies realise their property and cyber liability policies do not offer complete protection.

Widespread disruption caused by WannaCry and Petya, the ransomware attacks that crippled several corporate groups, has highlighted the gaps.

“Since we established Vector, we’ve seen a significant shift in the pattern of demand for cyber cover,” Beazley’s Technology Media and Business Services UK Focus Group Leader Paul Bantick said.

“Every company insured through Vector has sought considerably broader coverage, in particular for business interruption and contingent business interruption.”

Other cyber-related cover offered by Vector includes legal and forensic expenses, regulatory coverage, extortion and third-party privacy and security coverage.

Vector builds on the relationship forged by the two insurers when they set up  the joint venture to offer cover of up to $US100 million ($128 million) or €100 million ($150 million) for the digital assets and IT infrastructure of big companies.

“Vector has been highly successful in areas where our shared and complementary expertise can help clients prepare for rapidly evolving cyber risks,” Munich Re Corporate Insurance Partner Head of Cyber Solutions Chris Storer said.

Cyber crime is estimated to cost about $US400 billion ($508 billion) a year.