Aviva has introduced a new cyber insurance product in the UK where, according to research by the insurer, only 2% of micro-SMEs have a cyber insurance policy.
Micro-SMEs, or businesses with up to nine employees and £1 million turnover, account for 95% of all businesses in Britain. The goal of “Aviva Cyber Respond” is to offer reasonably priced cover and breach response services to very small businesses who want cyber protection but do not need the all-inclusive policies that their larger counterparts purchase.
Net of insurance premium tax, the new Aviva product costs as little as £50 per year. Benefits include an identity fraud monitoring service, credit monitoring services and reputation management services, as well as a round-the-clock telephone line and cover for specialist IT forensics experts.
“Micro-SMEs face similar cyber risks to other businesses, although they have fewer IT and financial resources to protect themselves,” cyber head Stephen Ridley said in an emailed release. “Aviva’s Cyber Respond is designed to help very small businesses become more cyber-resilient, providing an extra emergency service that can respond quickly in the event of a cyber incident.
“By streamlining the policy to reflect the needs of micro-SMEs – without the extras that are aimed at larger businesses – we’re also able to offer the policy at a more affordable price.”
The intermediated policy will be available to insurance brokers from the end of October on Aviva’s proprietary trading platform Fast Trade and on Acturis eTrade. To equip intermediaries with essential information, the insurer has also rolled out a certified computer-based training programme called the Aviva Certified Cyber Insurance and Risk Professional.
“Brokers will play a critical role in helping micro-SMEs build their cyber resilience,” Ridley said. “That’s why we’ve launched our own broker certification programme, giving brokers the necessary tools to help their customers protect themselves from the growing risk of cyberattacks.”
What do you think about this story? Share your thoughts in the comments below.