Arch Insurance UK, part of Arch Insurance International, has announced the launch of a new cyber insurance product specifically tailored to the requirements of small and medium-sized enterprises (SMEs) and their insurance brokers.
The product, Cyber Searchlight, will be launched at BIBA 2019. It aims to provide the support and assistance that SMEs need in the immediate aftermath of a cyberattack or other damaging cyber event; should a client need to make a cyber claim, help will immediately be made available via app-based notifications and other online methods, so that business as usual can continue with as little disruption as possible.
Cyber Searchlight will initially be available as a specialist standalone service in the UK, with Australian rollout set to follow shortly.
“Our ambition has been to design a simple, service-led policy proposition to overcome the historic complexity in the cyber segment,” said Steve Bashford, Chief Executive of Arch UK Regional. “When a business experiences a cyberattack, it needs a responsive, straightforward service — a lifeline in its hour of need. We’ve designed Cyber Searchlight to be a fifth emergency service, empowering brokers to sell more policies with more confidence and to get their clients back up and running swiftly if they experience a cyber incident.”