Gallagher partners with CPP Group UK on SME cyber protection
Insurtech company CPP Group UK has entered a partnership with broker Gallagher to provide a new cyber product to small business clients of Gallagher’s UK Retail Division.
The partnership will see Gallagher offer a cost-effective cyber protection solution to its smaller SME clients. The product will primarily be a bolt-on addition for clients purchasing SME package insurance.
The policy is offered by CPP Secure (CPP’s MGA business) and is underwritten at Lloyd’s. Gallagher will access the product through the Acturis insurance administration and trading platform, following the launch of CPP’s SME policy on the platform in October 2019.
The cover includes access to a 24/7 helpline, free antivirus software, cloud-hosted backup storage and, if an incident does occur, access to an IT forensic company and PR support. It also includes protection against any liabilities arising from a cyber-attack or breaches of data protection laws.
Barry Duffin, managing director of SME at Gallagher, said: “The partnership with CPP enhances our existing cyber insurance provision. The level of cover provided, combined with a lower than market-norm excess, allows us to offer a product that specifically meets the needs of SMEs, that don’t have the support of a large IT team but are exposed to cyber risk. We look forward to a long and mutually beneficial relationship with CPP.”
Michael Whitfield, managing director of CPP, added: “Gallagher is one of the biggest and best-known brokers both nationally and internationally, so we are delighted to have them as a partner. It gives us a strong footprint in the UK broker market, which we will continue to build upon.
“Cybercrime against UK businesses is becoming more commonplace and severe, and the nature of attacks are becoming more sophisticated. Our cyber insurance policy aims to substantially reduce small business exposure to risk, by offering them a product that is fit for purpose and cost effective for their size. It is through working with organisations like Gallagher that we can significantly boost our efforts to help keep small businesses protected and keep the UK’s SME economy thriving.”
