The bid to battle cyber attacks has advanced to a new level thanks to a key new insurance partnership.
Arc Legal Assistance has extended its partnership with UK MGA and assistance specialist Lorega by offering its cyber recovery product which is designed to help SMS survive a data breach after a cyber attack.
Arc Legal’s clients are able to offer their SME customers, with a turnover of £5 million or less, the product branded Cyber Support which provides 24 hour access to expert advice following a security breach involving personal data. The insurance covers the cost of forensic and technical services to investigate and restore systems and helps the SME communicate with regulators and customers. Cover is also provided for the cost of certain financial damages, penalties and fines.
Neill Johnstone, Lorega’s managing director, said: “In a Lorega survey of SME businesses in the UK, we found that one in three had experienced a cyber-attack that resulted in damage to their business and customer data, and nearly 60% were concerned about the risks a breach posed to their firm. Arc Legal’s Cyber Support helps SMEs get back up and trading after a breach, by helping to reduce exposure to financial losses and limiting commercial and reputational damage.”
Meanwhile, Richard Finan, director of Arc Legal, is confident that the partnership will greatly assist small companies.
“The extension of the distribution partnership with Lorega is all about offering our partners relevant and valuable assistance services, focused on improving customer outcomes,” he said. “Data breaches are no longer the domain of large businesses so being able to offer SMEs access to this level of support, when they need it, most is clearly aligned with our product development strategy.”
R&Q targets SMEs with new cyber cover
Andrew Barratt of Coalfire says cyber cover needs to be better advised