Specialist insurance intermediary New Dawn Risk, whose 95% of business emanates from outside the UK, has rolled out a cyber insurance product for the British market.
The segmented cyber offering caters to small- and medium-sized enterprises (SME) as well as bigger organisations, and complements the London-headquartered company’s existing cyber liability proposition for international clients.
According to the Lloyd’s broker, the product features low premiums with no hidden charges, easy-to-understand language, and free cancellation. Immediate access to a cyber response manager is also included.
“The SME segment in the UK is as prone to a data breach or cyberattack as larger businesses, but finds it much harder to buy the right cover for their needs,” said New Dawn Risk chief executive Max Carter. “Our objective is to make dealing with a complex risk as simple as possible – available to buy online in minutes, at any time of the day.
“Most importantly, it provides the 24/7 breach response businesses need to minimise damage and help them get back on their feet following data breaches and cyberattacks.”
The cyber response manager will coordinate appropriate experts in IT crisis management and forensics, public relations, legal, regulator/data subject notification, and credit monitoring.
“Businesses of every size and in every industry that hold sensitive information on their employees and clients, or rely on computer systems to operate their business, are at risk,” added UK cyber head Tom Malcolm. “Insurance – in conjunction with cyber awareness and security – is a vital element of protection.”