Tarian Underwriting launches new cyber insurance platform targeting UK brokers
London-based Tarian Underwriting, a specialist provider of tailored cyber and technology risks solutions, has launched a new ‘quote to bind’ insurance platform targeting UK brokers.
The company said its new platform is designed to simplify the process of understanding and obtaining cyber insurance cover.
Cyber crime presents a major threat to UK companies, with the latest figures showing that an average of 43 breaches are being notified to the Information Commissioner’s Office (ICO) every day, with an average cost of nearly £200,000 per breach.
"There is a significant demand for cyber insurance in the UK, from all sizes of companies,” said James Berry, claims manager at Tarian Underwriting. “The number of cyber breaches in the UK is growing rapidly, often due to UK companies being regarded as allocating smaller cyber security budgets compared to those in other developed countries. Many breaches are not notified to the ICO, meaning that the current 16,000 recorded breaches a year is only the tip of the iceberg.”
He added: “Due to the specialist nature of cyber insurance, in the past a significant amount of time has been lost when clarifying terms. Recognising this we have simplified the process to only three steps, making it simpler and more efficient for brokers and their clients.”
Geoff Pryor-White added: “We established Tarian to deliver entrepreneurial and tailored solutions for Cyber and Technology risks globally. By launching Tarion Online we are extending access to our underwriters’ specialist knowledge, enabling more brokers to address the growing issue of cyber crime with their clients.”
