Small businesses in the UK are being offered free cybersecurity insurance, thanks to a newly launched partnership between SME insurance provider Superscript and cybersecurity specialist CyberSmart.
“With a significant uplift in cyberattacks recently, it is more important than ever that small businesses have cyber protection that gives them the confidence to grow,” said Superscript partnerships director Henry Newby. “Superscript’s partnership with CyberSmart does just this. CyberSmart is the prevention, while Superscript is the cure. You can have both.”
How it works is, companies completing the government-backed ‘Cyber Essentials’ certification on the CyberSmart website can, without leaving it, almost instantly subscribe to the cyber insurance developed by Superscript – essentially embedding coverage through the real-time technological integration between the two partners.
“The partnership is an industry-defining moment in insurance,” asserted Newby. “As technological capabilities improve, driven by insurtechs like Superscript, we will begin to see much more embedded insurance like this; making it easier than ever before for businesses to secure comprehensive coverage without any fuss.”
Features of the policy for CyberSmart customers include a cover limit of up to £25,000, a round-the-clock breach response service, website recovery services, as well as coverage for physical property infringement, cyber-related supply chain failures, payment card industry costs, and costs for restoring or regaining access to data.
Optional covers for cyber extortion costs and cybercrime are also available.
“Ensuring that security and insurance companies work cohesively with each other is a crucial facet of providing the holistic protection for SMEs they so desperately need,” noted CyberSmart co-founder and chief executive Jamie Ahktar. “A small business in the UK is hacked every 19 seconds, with dire consequences both from a security and insurance perspective in many instances.
“By continuing to build cross-industry partnerships such as this, CyberSmart and Superscript are ensuring that businesses have access to the information and expertise they need to stay secure, and are equipped to deal with the consequences should a breach occur.”