Our brokers and customers will be aware of the rise of cyber related attacks. According to the National Cyber Security Centre, their threat over the next five years “will only become greater but also less predictable.”
In 2022, ransomware attacks in the UK rose 112%, despite falling globally, costing businesses millions of pounds.
We know many of our customers rely heavily on IT and computerised systems. And as teams adopt a hybrid approach and employees work away from main business locations, the potential for cyber attacks steadily grows.
It’s not just large corporations that are affected: attacks on SMEs are common and can have a significant economic impact on our customers’ bottom line. Unfortunately, it’s these smaller businesses who are less likely to have the resources to defend and respond to attacks.
That’s why we’re adding Cyber cover as an optional section of cover to our eTrade Business Package product.
What is cyber cover?
Cyber cover protects our customers against the financial impact of cyber risks. These risks can include ransomware, hacking, unintentional transmission of a virus, third-party reputational damage, data breaches and related loss of business income.
The optional insurance covers four key elements:
- Computer system damage and loss of business income
- Cyber crime
- Data breach expenses
- Cyber liability
And SMEs can choose from three cover limits: £25,000, £50,000 or £100,000.
How can SMEs get cyber cover?
Cyber will be available as an optional section of cover from 12 July 2023 when customers buy or renew an eTrade Business Package policy.
The eTrade Business Package product is modular with only Material Damage and Engineering sections necessary for us to provide a quote, giving brokers greater flexibility when discussing and meeting their customers’ needs.
Brokers can find the Business Package product via Acturis and our broker portal, TheHub.
Click here for more information about this product