While a recent survey has found that cost isn’t the biggest consideration for small- and medium-sized enterprises (SMEs) when it comes to purchasing insurance, it sure doesn’t hurt to have less pricey alternatives – something Lorega aims to provide with its new cyber product.
Called “Cyber 10,” the low-cost offering features a stand-alone helpline that will support SMEs in times of cyberattacks and data breaches. It pays for up to 10 hours of expert telephone advice from a cyber emergency response team (CERT) per claim that insureds make during the period of cover.
Available to businesses with a turnover of not more than £5 million from all sectors, the service includes crisis response, incident management, and investigation and restoration advice. The CERT is operated by international cybersecurity consultancy Agenci.
Cyber 10, underwritten by Hiscox Underwriting Limited and administered by Lorega, has been designed as a simple policy for small firms who understand the risk of cyberattacks and the likelihood of an incident occurring but do not have the financial capacity to pay for high cyber insurance premiums. The additional cost of indemnity cover is removed to make the product a less expensive option.
“SMEs are increasingly at risk of a cyberattack, but often find it difficult to understand the cover and pay the cost for an indemnity-based insurance product,” explained Lorega managing director Neill Johnstone. “We wanted to offer an alternative, affordable solution which provides reassurance – expert help at the other end of the telephone in the event of a cyber incident.”
