There’s a new cyber insurance product on the Acturis insurance administration and trading platform from CPP Group UK.
Specifically designed for small- and medium-sized enterprises with revenues up to £20 million, the offering is the first product launched by the Leeds-based insurtech since its foray into the insurance broker market. Underwritten at Lloyd’s of London, the policy is provided by managing general agent CPP Secure.
“More than half of malware attack victims are small businesses, and the consequences and costs which arise from these attacks are almost always very damaging, sometimes to a fatal extent,” commented CPP Group UK managing director Michael Whitfield (pictured).
“Attacks by cybercriminals are becoming more sophisticated as every day passes and all businesses need help if they are to be able to counter the threats posed to them. Despite this, many SMEs treat cyber security as low priority.”
Features and benefits of the product include a “substantially reduced” question set, jargon-free language, direct access to a 24/7 helpline, free antivirus software, cloud-hosted backup storage, indemnity limits of between £50,000 and £2 million, as well as public relations support and specialist IT forensic expertise in the event of a breach.
Whitfield added: “Our cyber Insurance policy will make it easy for brokers to offer their smaller SME clients a simple policy, which includes important cover at a very affordable price.
“Making it available through Acturis allows us to reach the extensive list of specialist commercial insurance brokers using the platform and we look forward to partnering with them to protect at-risk SMEs.”
The coverage can be bought on Acturis either as a stand-alone product or as a policy purchased alongside other insurance.