Munich Re-owned Corporate Insurance Partner and Beazley have joined forces to offer cyber cover of up to $US100 million ($131 million) in response to growing demand.

Coverage options are tailored to a variety of exposures including hacking or malware attacks, distributed denial of service attacks, cyber extortion, and property damage and bodily injury.

“In recent years cyber threats have risen steadily up the agenda of the world’s largest companies… with significant implications for their balance sheets and financing capabilities, through to dealing with regulators and ratings agencies,” Corporate Insurance Partner Head of Cyber Solutions Chris Storer said.

“Through our close partnership… we believe we can offer a service that is unique in providing large corporate and industrial clients with fit-for-purpose cyber solutions that help them manage the manifold risks that cyber attacks can present.”

Various industry studies put cyber risk among the leading issues for the global business community, with financial consultants Grant Thornton estimating the cost of such attacks at about $US315 billion ($413 billion) a year.

“Rapidly flowing data is the lifeblood of modern business,” Beazley Focus Group Leader for Technology Mike Donovan said. “When that data ceases to flow, or is siphoned off, the costs for large interconnected enterprises can be huge.”