InsurTech company CPP Group has launched a new cyber Insurance product, for SME businesses, on the Acturis insurance administration and trading platform.
CPP says smaller SME businesses are at high risk of suffering cyber-attacks, but they rarely have appropriate insurance cover in place. The policy is offered by CPP Secure, CPP’s managing general agent business, and is underwritten at Lloyd’s.
This is the first product launched by CPP since its recent entry into the insurance broker market and follows its recent acquisition of the broker, Business & Domestic Insurance Services.
It is estimated that cyber-crime costs SMEs in excess of £800m per year. With lower capital reserves and minimal access to professional IT resources, smaller SME organisations are particularly vulnerable to cyber-attacks and the consequent interruption to business, loss of revenue and reputational damage, not to mention the possibility of incurring heavy regulatory fines.
CPP says the new Cyber Insurance policy will provide affordable cover to organisations with revenues up to £20 million. CPP says the policy has been crafted with a substantially reduced question set and uses simple, jargon-free language in all its documentation, ensuring accessibility for SMEs and brokers alike.
Michael Whitfield, managing director of CPP Group UK, said: ““More than half of malware attack victims are small businesses, and the consequences and costs which arise from these attacks are almost always very damaging, sometimes to a fatal extent. Attacks by cyber criminals are becoming more sophisticated as every day passes and all businesses need help if they are to be able to counter the threats posed to them. Despite this, many SMEs treat cyber security as low priority”.
He added: “Our Cyber Insurance policy will make it easy for brokers to offer their smaller SME clients a simple policy, which includes important cover at a very affordable price. Making it available through Acturis allows us to reach the extensive list of specialist commercial insurance brokers using the platform and we look forward to partnering with them to protect at-risk SMEs.”
CPP Group, Insurtech, Insurance, Reinsurance, Cyber, SME, Michael Whitfield, UK