New SME cyber policies underwritten by Munich Re unit
Swinton Business, the commercial lines arm of high-street broker Swinton, has launched two new cyber policies for small-to-medium-sized enterprises (SMEs).
The products are available as standalone policies and cover cyber-related risks including data breaches, business interruption, cyber extortion, hacker damage and media liability.
SMEs covered by the policies will also have access to round-the-clock support in the days following the incident.
The SME cyber policies are underwritten by Munich Re subsidiary HSB Engineering Insurance and Towergate-owned underwriting agency Fusion.
Swinton Business head Tony Monnington said: “This year’s cyber-attacks suffered by parliament and the NHS also affected businesses of all sizes and highlighted the fact that many firms are still exposed to these sorts of cyber related crimes. The risk to SMEs in particular is likely to increase as more small firms start to trade online, hold information about their customers and connect to wider online networks.
“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. We want to support and protect our customers by offering products designed to provide financial compensation and practical support to help firms quickly get back on track.
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