Swinton Business has two new cyber insurance products for small- and medium-sized enterprises.
Available as standalone policies, the products support SMEs against cyber-related risks like data breaches, business interruption, cyber extortion, hacker damage, and media liability. Minimum cover is £100,000.
Tony Monnington, head of Swinton Business, believes cyber risk faced by SMEs is likely to increase as more small firms start to trade online, hold information about their customers, and connect to wider online networks.
In fact, a 2016 Federation of Small Businesses report showed that smaller firms are collectively cyber-attacked seven million times per year.
Swinton Business wants to protect its customers by offering products designed to provide financial compensation and practical support to help firms quickly get back on track, according to Monnington.
“In addition to bolstering their frontline cyber security measures, businesses should also consider what type of provisions they have in place to enable them to resume trading after an attack,” he said.
The new offerings are underwritten by HSB Engineering Insurance and Fusion Insurance.
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