NMU updates cyber product

cyber-crime33

Product launched earlier this year also now includes cover for court attendance costs, service providers’ extensions and operational error.

Specialist insurer, NMU has changed its standalone cyber product, CyberSafe to feature a range of new services and extended benefits. 

These additions include customer payment fraud protection, and cover for business interruption loss as a result of reputational harm.

NMU has also widened coverage to include court attendance costs, service providers’ extensions and operational error. 

According to the insurer, the interruption period covered has been increased while the waiting time has been reduced. The additions were made in response to broker demand for broader coverage.

Original
CyberSafe was launched earlier this year for the UK SME market. It offers cover against cybercrime and cyber terrorism, business interruption, extortion by employees, data and privacy loss.

It also features response and restoration services, including an integrated 24-hour breach response service from ReSecure. 

Cyber & financial lines underwriting manager at NMU, Matt Drinkwater commented: “The response we’ve received so far to CyberSafe has been excellent.

“Our aim is to build on this; to listen to what our brokers and their clients are asking for with a broader coverage that reflects their needs and the evolving nature of cyber-attacks on SMEs.”

Risk
Drinkwater also suggested that there is a lack of awareness of the consequences that could stem from a cyber-attack.

“Phishing, social engineering and ransomware attacks are on the rise; we need to work with our broker partners to help educate businesses about these dangers and the comprehensive cover available to help protect them.”

In February, Insurance Age revealed the launch of NMU’s stand-alone terrorism product for motor fleet operators.

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