A Melbourne-based underwriting agency has rolled out a new cyber liability product for the SME market.

To address the increasing cyberthreat to small businesses, Solution Underwriting has launched a robust policy that offers coverage for cybercrime, telecommunications fraud, business interruption, including voluntary shutdown, payment credit card data security standard, social engineering fraud, betterment costs, and reward expenses.

The new offering also includes an emergency incident response hotline provided via mobile phone, email or app, a favourable language for clients, and a wider definition of its business interruption loss calculation and computer systems (includes mobile services, SCADA, and ICA systems).

Read more: Small businesses the main victims of recent cyber breaches - OAIC
Solution noted that 43% of cybercrimes are targeted at small businesses and 60% of small businesses who experience a significant cyber/data breach go out of business within the following six months.