QBE ties up with insurtech to launch cybersecurity solution for SMEs

QBE ties up with insurtech to launch cybersecurity solution for SMEs | Insurance Business

QBE ties up with insurtech to launch cybersecurity solution for SMEs

Through a new partnership, QBE Insurance Group will be offering its small and medium enterprise (SME) customers access to a comprehensive cybersecurity platform.

The insurer is collaborating with start-up Zeguro – a developer of an online platform that allows users to effectively automate their cybersecurity processes. The platform also allows users to detect and manage cyber risks, as well as improve mitigation via recommendations on better cyber management across people, processes, and technology.

With Zeguro, SMEs can secure bespoke insurance against cyberattacks, QBE said in a release.

“The risks of cyberattack are significant for any business. They can be hugely disruptive and extremely costly, so it is vital that companies have systems and processes in place to prevent or mitigate any kind of attack,” said QBE Group chief operations officer David McMillan.

McMillan added that many SMEs “lack the resources to invest in high levels of IT security or risk management,” which leaves them exposed.

“Zeguro allows our SME customers to take control and oversight of their cyber exposure through an easy to use interface that automates cybersecurity processes and provides ongoing recommendations to reduce their overall cyber risk.”

QBE’s partnership with Zeguro was made possible through the investment of the former’s venture capital arm – QBE Ventures. QBE Ventures makes “targeted investments in start-ups that provide QBE with access to technically advanced and industry changing technology solutions,” a release said.

“Phishing, ransomware, and crypto-mining are becoming all too common and small and midsize businesses typically do not have the resources to protect themselves from such expensive breaches. Zeguro provides the continuous monitoring and management tools for this segment to manage their environment,” said Zeguro CEO Sidd Gavirneni.

QBE will work with Zeguro on an initial rollout of the platform in North America.