SME cyber-crime insurance specialist opens for business

Insurance company Cybercovered.com has announced it has begun offering its services ahead of its official London launch next month.

The online insurance agency, officially launching on April 30, specialises in protecting SMEs from the threat of cyber-attacks such as phishing and ransomware by being a ‘one stop shop’ for businesses.

With the use of technology increasing rapidly across all sectors, Cybercovered.com partner and co-founder Dennis Culligan identified a need for SME insurance services specifically designed with cyber-crime in mind, commenting: “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.”

Insurance cover for Cybercovered.com is being provided by Lloyd’s insurer Hiscox, with the company aiming to work both directly with businesses and through partnerships with brokers.

Dennis added: “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.”

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