Allianz launches mid-market cyber offering

Cyber

Cyber Select offers breach prevention and management to businesses with turnover up to £350m.

Allianz has launched a new cyber solution for mid corporate businesses called Cyber Select.

The offering includes cyber cover, access to prevention support, and incident response services.

Cyber Select offers customers selectable limits and can either be purchased as a standalone product or packaged with property and casualty covers.

Allianz is aiming the offering at companies with turnover up to £350m.

The insurer said Cyber Select was necessary due to the increased costliness of cyber crime in the UK.

Catherine Dixon, commercial underwriting director at Allianz, commented: “For the first time data has overtaken oil as the most valuable resource and data loss can be costly financially and for the reputation of a business.”

Allianz estimates the cost of security breaches at mid-market businesses to be £30bn.

Cover
The cyber cover offered as part of Cyber Select includes:

  • Business interruption cover. The indemnity period covers profits lost up to 180 days following an event.
  • Privacy and confidentiality breach. This covers damages suffered by third parties as a result of a data breach.
  • Data breach response costs. This includes regulatory and legal costs, call centre costs, and credit monitoring costs for third parties.

Allianz stated that the offering would also cover “reasonable and necessary” fees for an IT forensic expert to identify and repair a cyber breach.

On the prevention side, access to a panel of experts will help businesses reduce the likelihood of a breach occurring in the first place.

Dixon continued: “Taking preventative steps is key, as cyber hackers use sophisticated methods and businesses need to do all they can to stay one step ahead.

“Through our expert risk management panel, businesses can examine their system’s strengths and vulnerabilities to lower their overall risk.”

Research
The launch of Cyber Select follows research from Allianz that revealed cyber to be one of the top risks facing SMEs.

Published in September 2019, the report found that cyber risks were troubling 56% of surveyed businesses, quickly following the top risk of regulation (59%).

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