Cyber Insure Limited, in partnership with QBE and Certain Underwriters at Lloyd’s of London, has launched a fully automated online cyber liability solution targeting the UK SME market. Cyber Insure is a trading name of Prospect Insurance Brokers.
The product can be accessed directly by UK SME’s online or via brokers on a wholesale basis. The product is available to a wide variety of business sectors and offers coverage for a range of network, privacy and multimedia related exposures.
Jamie Webb, Managing Director of Cyber Insure Limited, commented as follows:
“Most UK SMEs rely on their IT systems to operate yet don’t have the budget or sophistication in Risk Management to take the necessary steps to keep their IT systems sufficiently updated to mitigate the risk of a potential breach that could cripple their business. Our product has two main aims – to make break down the misnomer of cyber and make clear for those without IT backgrounds to understand the policy and what it does and doesn’t cover. This should help small businesses plan for what perils are and are not covered by any other policies they currently purchase.
‘We want our insurance product to fill a void in pre and post breach risk management that small businesses just do not have the expertise or time to consider, which will substantially help reduce the number of potential claims.’
The proposed new EU data protection regime – the General Data Protection Regulation (GDPR) which will become effective on 25th May, 2018 extends the scope of the current EU data protection law to all companies processing data of EU and UK residents. Larger fines of up to EUR 20,000,000 or up to 4% of the annual world-wide turnover of the preceding financial year (whatever is greater) could be imposed up on companies who break these new laws. Our use of risk management and advice aims to ensure our insureds do not fall foul of these.
For further information or to obtain a quote you can visit the Cyber Insure Website.