Pen Underwriting has introduced Pen Protect, an upgraded cyber risk management platform designed to support its cyber policyholders globally. The platform will be provided as standard to all policyholders renewing or initiating cyber cover from June 1, 2025.
Pen Protect combines automated technology and cybersecurity consultancy to identify and address weaknesses that could lead to incidents. It is made available through Pen’s broker partners.
The platform includes daily scans to detect vulnerabilities, risk identification and reporting functions, and guidance for addressing security gaps. It also features continuous threat intelligence updates, an inbox protection tool to prevent phishing and email-based threats, and phishing simulations across a range of communication channels, including email, messaging apps and phone calls.
The training element of Pen Protect adapts to individual users’ behaviours, and support is offered through both AI-driven cybersecurity tools and human experts.
In addition to the platform’s tools for policyholders, Pen has outlined features for brokers aimed at assisting client engagement. These include a portfolio analysis function that provides aggregated data and insights to alert brokers to common security issues and emerging threats.
Brokers will also receive client-specific vulnerability reports that can be attached to each quote, offering clear information on potential exposures and mitigation steps.
Ian Summerfield (pictured above), head of cyber at Pen Underwriting, said that many businesses continue to underestimate their exposure to cybercrime.
“This can make recommending cyber as an essential cover alongside property and liability insurance a challenge for brokers despite its proven interlocking benefits of risk prevention, breach response and indemnification,” Summerfield said.
Pen Underwriting currently offers cyber insurance to SMEs in the UK, US, Canada, Australia and New Zealand, along with large corporates mainly based in those regions.
The company has recently expanded its cyber insurance offerings in the UK, aiming to serve both small-to-medium enterprises (SMEs) and large corporate clients.
For SMEs, Pen offers cyber coverage for businesses with revenues up to £600 million. This coverage includes breach response costs, privacy regulatory defence, cyber extortion, business interruption, and optional cybercrime extensions. Policies can be obtained through Pen’s e-trading platforms, Pen Central or Acturis, with quotes available in under three minutes.
In October, Pen relaunched its cyber insurance proposition for large corporate clients, re-entering the primary market with a £10 million limit and doubling its excess of loss (XOL) limit to £15 million
A recent survey by Pen Underwriting revealed that 90% of UK and Ireland firms believe they are protected against cyber-attacks, yet only 47% have dedicated cyber insurance coverage. The survey also found that 39% of businesses had been targeted by cybercriminals at least once in the past five years, with 81% of those attacks posing a serious threat to their business.
What are your thoughts on this story? Please feel free to share your comments below.
