Insurtech firm CPP Group has introduced a new cyber insurance offering for small and medium-sized enterprises (SMEs) in the UK.
Available on the Acturis insurance administration and trading platform, the new product will be available for companies with revenues up to £20m ($25.8m).
Offered by CPP’s managing general agent business CPP Secure and underwritten at Lloyd’s, the new plan uses simple language in all its documentation so that the SMEs and brokers could better understand the policy wordings, the company said.
To help the SMEs deal with threat of cyber risk, the insurer offers access to a helpline round the clock, cloud-hosted backup storage, free antivirus software, as well as specialist IT forensic support.
It is the first product rolled out by the Leeds-based insurtech since its foray into the insurance broker business.
Commenting on the launch of new product, CPP Group UK managing director Michael Whitfield said: “More than half of malware attack victims are small businesses, and the consequences and costs which arise from these attacks are almost always very damaging, sometimes to a fatal extent.
“Attacks by cyber criminals are becoming more sophisticated as every day passes and all businesses need help if they are to be able to counter the threats posed to them. Despite this, many SMEs treat cyber security as low priority”.