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13th March 2019
Ground-breaking MGA launched with the aim of changing the face of how the insurance market can protect SMEs from the threat of cyber-attack
A ground-breaking MGA has been launched with the aim of changing the face of how the insurance market can protect SMEs from the threat of cyber-attack.
Cybercovered.com is an innovative on-line MGA which will target UK businesses both directly and via strategic partnerships with brokers and intermediaries.
Headed by company partner and co-founder Dennis Culligan, capacity for the cover is being provided by Hiscox, and will offer a one stop shop for small to medium sized businesses when it comes to protection from the rising threat of cyber-crime.
Across the UK and Europe SMEs are increasingly becoming the target for cyber criminals. From phishing attacks to the growing use of ransomware, SMEs, who do not have the luxury of a dedicated IT department and as such an expert who can monitor and react to any emerging cyber threats, are seen as a lucrative but also soft touch by the cyber gangs.
Cybercovered.com says the threat will only increase as businesses continue to rely ever more heavily on technology to operate their businesses, distribute products, accept payments and the communicate with their clients.
The MGA said figures show that in the UK 52% of cyber attacks affect SMEs, and there is a new attack on average every 40 seconds.
“Not only is the threat difficult for SMEs to understand and monitor but at present the ability to protect against loss via the use of insurance cover is complex and products are often too opaque for SMEs to understand,” explains Dennis Culligan. “The aim of Cybercovered.com was to demystify the cover and the issues for our clients and brokers so that there is a greater degree of certainty on what can be covered and how.
Clients want a one-stop shop, a place where they can access the cover they need rather than having to piece together different strands of cyber cover from different providers. Such a piecemeal approach can lead both to needless overlaps and with it wasted premiums, but more importantly gaps in cover that all too often only become apparent when a claim is made, and it is too late.
A cyber-attack has the potential to be devastating for a small to medium sized business. We are delighted to have been able to work with one of the world’s leading and innovative insurance companies to create a range of products that will allow our clients to feel confident their cyber risks are covered.”
Cybercovered.com will be officially launched in London on 30th April but is already open for business and the response has been extremely positive.
“We appreciate that while some SMEs may well prefer to visit our site and place their business on line, there are those who have strong relationships with their insurance brokers,” says Culligan. “We are keen to work with brokers who have been asked to obtain cyber cover for their clients but have faced challenges in sourcing the right product at the right price.”
Cyber Trends(975 mentions in Insurance Newslink)