Starpeak, a UK-based managing general agent specialising in niche and SME-focused insurance products, has introduced cyber resilience and recovery cover, a new insurance support service aimed at micro and small enterprises.
The new cyber resilience and recovery cover is available as an add-on through the company’s protectivity insurance brand.
The cover is designed for businesses that may not require or able to purchase standalone cyber insurance but still need assistance when dealing with cyber incidents. Developed in partnership with Addept Insurance Services, the product is priced at under £20 per year and is available on selected SME policies.
Policyholders gain access to a 24/7 emergency helpline, cyber resilience consultants, AI-powered technical support, legal and wellbeing assistance, and financial protection for certain cyber-related losses. Starpeak said the product aims to fill a protection gap among micro-SMEs, where exposure to cyber threats is growing but insurance uptake remains low.
According to Addept, just 6% of micro-SMEs currently hold cyber insurance despite around 50% of SMEs having experienced a cyberattack in the past 12 months. Many smaller firms cite cost, complexity, and limited awareness as reasons for not purchasing cover.
In general, the UK cyber insurance market has seen modest growth in recent years, but adoption among smaller businesses remains limited due to cost concerns, lack of awareness and the perceived complexity of traditional policies. According to the Association of British Insurers (ABI), total UK cyber insurance gross written premiums reached approximately £300 million in 2023, with much of the market concentrated in larger commercial clients.
Andy Brownsell, commercial director at Starpeak, said the new cover provides an entry-level solution for businesses seeking basic cyber protection without committing to a full standalone policy.
Richard Finan, managing director of Addept Insurance Services, said the product was developed in collaboration with VIVO Lifestyle Services to offer relevant and affordable support for Starpeak’s SME customer base.
