The new policy, which is offered by CPP Secure and underwritten at Lloyd’s, is the first product launched by CPP since its recent entry into the insurance broker market.
CPP asserts that SMEs are most at risk of cyberattacks due to lower capital reserves and minimal access to professional IT resources. Indeed, it is estimated that cybercrime costs SMEs in excess of £800 million every year.
Michael Whitfield, Managing Director of CPP Group UK, commented: “More than half of malware attack victims are small businesses, and the consequences and costs which arise from these attacks are almost always very damaging, sometimes to a fatal extent. Attacks by cyber criminals are becoming more sophisticated as every day passes and all businesses need help if they are to be able to counter the threats posed to them. Despite this, many SMEs treat cybersecurity as low priority”.
CPP’s latest product offering is available to SMEs – that is organisations with a revenue of up to £20 million. The firm also notes that simplified language and shorter question sets will make it more user-friendly, ensuring improved accessibility for both SMEs and brokers.
“Our cyber insurance policy will make it easy for brokers to offer their smaller SME clients a simple policy, which includes important cover at a very affordable price,” said Whitfield. “Making it available through Acturis allows us to reach the extensive list of specialist commercial insurance brokers using the platform and we look forward to partnering with them to protect at-risk SMEs.”