CRIF founding members NCC Group and Oval bring cyber assurance to SME’s
NCC Group has worked closely with Oval Insurance Broking (Oval), specialists in providing cyber insurance services to a wide range of UK businesses. Oval can now offer an exclusive cyber insurance option.
Rob Cotton, CEO at NCC Group said: “Many SMEs have been ignoring the threats to their IT infrastructure as they simply don’t understand their exposure. They assume they aren’t viable targets, and they won’t consider insurance due to the cost”.
Richard Hodson, Head of Technology at Oval said: "With Cyber Assured, NCC Group is providing organisations with practical protection from loss scenarios. Due to these practical assurance measures, we are able to offer an exclusive deal on insurance – underwritten by CFC Underwriting Limited – to further protect a company’s intangible assets”.
Richard added: “With premiums starting at £500 (including Insurance Premium Tax), a tailored annual insurance policy can protect businesses from the costs associated with cyber attacks that are not covered by traditional insurance policies”.
On top of this, Cyber Assured provides a range of practical security services and support, helping reduce the likelihood and impact of a cyber attack.
Rob continued: “SMEs are being targeted by hackers more frequently, but often don’t have resources to protect themselves. Cyber Assured will not only raise the standards of their defences, but also provide peace of mind through an affordable insurance option. Between NCC Group and Oval we are demystifying the cyber risk and providing a complete package of protection”.
Cyber is a popular word at the moment – you cannot open a paper without reading about hacking, cybercrime or loss of personal data. Whilst the majority of government efforts have focused on improving the cyber defences of FTSE 350 companies, SMEs – which make up 75% of all UK businesses – have been largely overlooked.
But hackers are increasingly turning their attention to smaller businesses. Symantec claims* that in 2012, 50% of all targeted attacks were aimed at organisations with fewer than 2,500 employees.
Cyber Assured will provide a cyber risk assessment with proactive support. This includes a vulnerability scan, cyber exposure report with recommendations, as well as reactive incident response services from NCC Group specialists, should the worst happen.
Recent research** found that the average cost per compromised data record has reached £86; this is made up through costs of remedial action, lost income, litigation reputational damage and loss of future sales. Total costs can quickly add up to the tens of thousands of pounds. By being properly insured, SMEs could be covered for these costs instead of being out of pocket.
Rob concluded: “This is an easily accessible, easily understood offering that will go a long way to protecting the UK SME. It’s important that the business community realises its options when it comes to cyber liability protection, and understands the benefits of assurance with insurance for a robust defence strategy”.
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By Duncan Sutcliffe
As an insurance broker my clients expect me to appraise what is valuable and important to their business, assess the potential threats, the consequences of an incident and then advise on ways to reduce the risks and recommend relevant insurance to mitigate any potential losses. When it comes to Cyber Risk - and despite the constant warning from government, experts and the media - getting business owners to act responsibly is tough.