Specialty insurer NMU has extended its standalone cyber product to include a range of new services and benefits.
NMU’s CyberSafe product provides cover against cybercrime and cyber terrorism, business interruption, extortion by employees, data and privacy loss for the SME market. New additions to the product include customer payment fraud protection and cover for business interruption loss resulting from reputational harm.
The insurer has also widened coverage to include court attendance costs, service providers’ extensions, and operational errors.
Matt Drinkwater (pictured), cyber & financial underwriting manager at NMU, said that the additions were made in response to broker demand for even broader coverage.
“The response we’ve received so far to CyberSafe has been excellent,” said Drinkwater. “Our aim is to build on this – to listen to what our brokers and their clients are asking for with a broader coverage that reflects their needs and the evolving nature of cyberattacks on SMEs.”
Drinkwater said that, even though over half of SMEs have suffered a cyberattack, a feeling of “it won’t happen to me” still pervades.
“The fact that the financial consequences are less tangible than say from a fire or flood, doesn’t make them any less real,” said Drinkwater. “Phishing, social engineering and ransomware attacks are on the rise – we need to work with our broker partners to help educate businesses about these dangers and the comprehensive cover available to help protect them.”
