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12 March 2019 Insurance

Online MGA launches for SME cyber risk in UK

An online MGA has launched focusing on cyber cover for small and medium sized enterprises (SMEs).

Led by company partner and co-founder Dennis Culligan, Cybercovered.com will offer services to UK businesses directly and via strategic partnerships with brokers and intermediaries. Capacity for the cover is being provided by Hiscox.

SMEs that don’t have IT expertise in-house are seen as a lucrative, soft touch by cyber criminals, the company said, citing figures that in the UK 52 percent of cyber attacks affect SMEs.

“Not only is the threat difficult for SMEs to understand and monitor but at present the ability to protect against loss via the use of insurance cover is complex and products are often too opaque for SMEs to understand,” said Culligan. “The aim of Cybercovered.com was to demystify the cover and the issues for our clients and brokers so that there is a greater degree of certainty on what can be covered and how.

“Clients want a one stop shop, a place where they can access the cover they need rather than having to piece together different strands of cyber cover from different providers. Such a piecemeal approach can lead both to needless overlaps and with it wasted premiums, but more importantly gaps in cover that all too often only become apparent when a claim is made, and it is too late.”

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