CPP launches new SME cyber insurance product on Acturis
CPP Group UK has launched a new Cyber Insurance product on the Acturis platform, specifically designed to cater for SME businesses, which are under-represented despite being at high risk of cyber-attacks. The policy is offered by CPP Secure, the organization’s insurance arm.
The Cyber Insurance policy, underwritten by Lloyd’s underwriters, is the first product launch by CPP Group UK since its recent entry into the insurance broker market. This follows its acquisition of broker Business & Domestic Insurance Services.
It is estimated that cyber-crime costs SMEs £800m per year. With lower capital reserves and less professional IT resources, SME organizations are particularly vulnerable to risks such as data hacks, interruption to business, loss of revenue and customers, severe reputational damage, and heavy regulatory fines. Directors of SMEs can be held personally liable for cyber-attacks if they don’t exercise reasonable skill, care and attention to the threat.
The new Cyber Insurance policy will provide affordable full cover to organisations with revenues up to £20 million. Unlike traditional cyber insurance policies, it has been crafted with a reduced question set and simple language, ensuring accessibility for SMEs and brokers alike.
It will also provide SMEs with direct access to a 24/7 helpline, free antivirus software, and cloud-hosted backup storage. Should an incident occur, the policy ensures that specialist IT provision from a forensic company will investigate what data has been compromised. Public relations support from a PR company will also be available to protect and mitigate against any reputational damage.
SMEs will also be protected from cyber-attacks and liabilities that could arise from breaches of privacy legislation. The policy offers indemnity limits of £50k-£2m, low excesses and competitive rates.