Aviva's Launch of Affordable Cyber Insurance for UK Micro-SMEs
Aviva, a prominent insurance provider, has unveiled a new cyber insurance product designed to cater to the specific needs of micro-SMEs in the United Kingdom. This development comes after Aviva's research revealed a striking statistic: only 2% of micro-SMEs in the UK have invested in cyber insurance.
Micro-SMEs, characterized by having up to nine employees and a turnover of £1 million, make up a significant 95% of all businesses in Britain. Aviva's latest offering, "Aviva Cyber Respond," is carefully crafted to address the distinct requirements of very small businesses seeking cyber protection without the comprehensive features typically found in policies aimed at larger corporations.
With an affordable annual cost, starting as low as £50 before accounting for insurance premium tax, Aviva's new product encompasses a range of benefits. These include identity fraud monitoring, credit monitoring, reputation management services, a round-the-clock helpline, and coverage for specialized IT forensics experts.
Stephen Ridley, Aviva's head of cybersecurity, stressed the importance of tailoring this solution: "Micro-SMEs face similar cyber risks as larger businesses, but they often have fewer IT and financial resources to protect themselves. Aviva’s Cyber Respond is designed to help these small businesses become more cyber-resilient, providing an additional emergency service that can respond rapidly in the event of a cyber incident. By streamlining the policy to align with the needs of micro-SMEs, without the extras intended for larger businesses, we can offer the policy at a more budget-friendly price."
This policy, which is intermediary-driven, will be available to insurance brokers starting at the end of October. It can be accessed through Aviva's proprietary trading platform and Fast Trade. Additionally, Aviva has introduced a certified computer-based training program called the "Aviva Certified Cyber Insurance and Risk Professional" to equip intermediaries with essential knowledge.
Stephen Ridley emphasized the crucial role of brokers in enhancing the cyber resilience of micro-SMEs: "Brokers are integral in helping micro-SMEs strengthen their cyber defences. This is why we have launched our own broker certification program, providing brokers with the necessary tools to assist their clients in protecting themselves from the increasing threat of cyberattacks."
Aviva's strategic move addresses the urgent need for accessible, tailored cyber insurance options for the extensive landscape of micro-SMEs in the UK, thereby fostering a more secure digital environment for these vital contributors to the nation's economy.