TDI Insurer Innovation Award - Bey

1. Cyber Security Liability Coverage
for Small to Midsize Businesses
www.beymga.com
Copyright 2019, Bey MGA Inc.

2. Cybercrime is Real
 According to Cybersecurity Ventures:
◦ Cybercrime cost the world $3 trillion in 2015
◦ Cybercrime will cost the world $6 trillion by 2021
 Cybercrime is one of the fastest growing risks in the
world, and one of the fastest growing segments in the
insurance industry
Copyright 2019, Bey MGA Inc.

3. Cybercrime is Serious
 Financial costs can be enormous
 Business can be interrupted
 Data can be lost
 Negative customer experiences due to an attack can
lead to reputation loss
Copyright 2019, Bey MGA Inc.

4. Small Business Risk
 Over 50% of cyberattacks target small to midsize
businesses
 Average cost of a cyberattack is over $1million
 Over 60% of SMBs that are victims of cybercrime
NEVER RECOVER
Copyright 2019, Bey MGA Inc.

5. Medical Practices are Targets
 According to a recent American Medical Association
study, 83% of all medical professionals have been
victims of some type of cybercrime
 In addition to the typical costs of a cyberattack, medical
professionals also risk exposing sensitive patient
information, and subjecting their practice to HIPAA
violations and costly fines
Copyright 2019, Bey MGA Inc.

6. Solutions
 Bey identified the need for cybercrime protection
 Through a partnership with BizLock, we developed a
policy that protects those most at risk
Copyright 2019, Bey MGA Inc.

7. Innovation
◦ One-of-a-kind online portal
◦ Purchase anywhere, anytime, from any device
 Fill out a brief questionnaire
 Select coverage level
 Policy binds instantly
Copyright 2019, Bey MGA Inc.

8. Coverage
◦ Bey covers businesses with up to $10 million annual
revenue
◦ Several coverage options based on business size
and risk
◦ Customers also receive a host of network tools, as
well as online associate training tools, to prevent
cyberattacks before they occur
Copyright 2019, Bey MGA Inc.

9. Added Protection for Doctors
 Bey has partnered with Compliancy Group, the leading
provider of HIPAA prevention in the nation.
 Medical professionals can purchase a state of the art
cyber liability policy from Bey
 They can also purchase a comprehensive HIPAA
compliance product from Compliancy Group, at a
discounted rate through Bey’s portal
Copyright 2019, Bey MGA Inc.

10. Conclusion
Bey’s Cyber Security Liability policy is state of the art,
provides comprehensive protection and coverage, and is
available online anytime, from any device.
Our goal is to protect small to midsize businesses against
the potentially devastating costs of data breaches,
ransomware, malware, and other cyber threats.
We are proud to add this exciting product to our ever
expanding portfolio. As always, it is our goal to make the
insurance buying process as easy as possible, through
our ever evolving InsurTech platform.
Copyright 2019, Bey MGA Inc.