Some insurers are worried about the arrival of major tech giants into the sector – but now one specialist has announced a tie-up with a major software provider.
That insurer is
Hiscox, which is teaming up with Symantec, to launch a software and insurance solution meant to protect small businesses.
Described as a complete cyber offer, it packages insurance along with software and 24/7 technical support to meet the needs of small businesses. It includes: security software, 24hr IT support and financial reimbursement from the costs of a data breach.
“These days it’s not a case of if a cyber-attack will happen, but when,” commented Stephen Ridley, lead cyber underwriter at Hiscox UK and Ireland.
“That said, knowing what protection is right for your business can be a challenge, as the risks posed by cybercriminals continue to evolve. It’s vital that all businesses are proactive in protecting themselves against cyber-crime and ensuring they have the people, processes and protection in place to deal with the consequences if they do suffer an attack. For smaller enterprises, in particular, this can often be a challenge, which is why we’ve teamed up with Symantec to bring these core capabilities together in one package.”
According to the Hiscox Cyber Readiness Report 2017, 48% of small or medium sized businesses – those with under 250 employees – have suffered one or more cyberattacks costing an average of £29,000 in business disruption, compensation and fines. Yet despite this, there has been a “worryingly low” uptake on basic security with just 64% backing up critical data, 61% having network firewalls and only 32% have data breach action in place.
“Under the upcoming GDPR, all organisations, even the smallest ones, will have to take cyber security measures to prevent data breaches and foresee remediation measures in case they occur,” said Nick Shaw, vice president and general manager, consumer business unit, EMEA, Symantec. “The unique partnership between Hiscox and Symantec will allow small businesses to help protect against and mitigate threats and risks.”
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