Hamilton-based broker Frank Risk Management has joined forces with underwriters Delta
Insurance to launch what they’re describing as New Zealand’s first online cyber insurance platform, Frankie.
Frank, who made IBNZ
headlines in 2014 when they changed their name to reflect their dedication to full income disclosure
, said the new website provides Kiwi SMEs with information, examples and the ability to acquire cyber liability insurance online.
The Frankie website allows businesses to understand the risks involved in a cyber incident and how they may impact their business.
Rene Swindley, director of Frank Risk Management, said business owners are often too relaxed about cyber risk and only take action following a costly lesson.
“Having good cyber risk management procedures in place joint with the safety-net provided by cyber insurance cover is a relatively simple task but one mostly ignored by the SME sector,” he said.
The new Frankie website offered SMEs the chance to be proactive about their cyber vulnerabilities rather than waiting for their annual renewal with their insurance provider, he said.
managing director Ian Pollard agreed: “It’s not just big businesses who are victims of cybercrime, cyber-attacks or privacy breaches; more significant to the New Zealand economy is that smaller businesses are often more vulnerable due to their lack of appropriate risk management strategies.”