Broker network unveils new cyber proposition for members

Broker network Brokerbility has teamed up with Infoprotect to expand its cyber offering for members.

The move will see members gain access to a new risk management tool, which aims to provide an accurate risk profile for the client, broker and insurer.

Brokerbility hopes this will help with competitive premiums and expanded coverage.

It also felt the move would provide a one-stop-shop for members’ cyber insurance and related risk management needs.

It comes after QBE’s Connected Business: digital dependency fuelling risk report, published in October 2024, showed that the number of disruptive and destructive global cyber attacks taking place each year will increase by 105% by the end of 2024.

Brad Fraser, chief executive at Infoprotect, said: “We are delighted to partner with Brokerbility, bringing a revolutionary solution to the cyber insurance market.

“This collaboration will streamline the process of capturing cyber risks and completing proposal forms, ultimately enhancing the efficiency and success of brokers, insurers and clients alike.

“We are confident that this partnership will help Brokerbility members differentiate themselves and drive significant growth”.

Affiliate partnership

This forms part of the Brokerbility Affiliate partnership programme, which aims to recognise partnerships between recommended suppliers within the Brokerbility community.

As part of the move, the network has also formed a panel of cyber insurance market players, with CFC, Coalition and Optimum Speciality Risks (OSR) as its cyber affiliate partners.

Michelle South, director of operations at Brokerbility, said: “Insurance brokers are facing increasing challenges in assessing and pricing cyber risk.

“This is due to the ever evolving nature of cyber threats, the lack of standardised questionnaires and risk assessment methodologies, plus the added difficulty in obtaining complete and accurate data from clients.

“Our cyber proposition provides our members a complete cyber offering, trading directly with each affiliate partner and a one-stop-shop to meet their clients’ cyber protection needs’.