Aviva introduces new cyber insurance offering for SMEs - Insurance Business UK

Aviva introduces new cyber insurance offering for SMEs - Insurance Business UK

The cover suits businesses with turnovers of up to £250 million, with indemnity limits ranging from £25,000 to £5 million.


Brokers will be able to access the cyber insurance through Fast Trade, Aviva’s proprietary trading platform powered by Acturis. The product can be purchased standalone or as part of a package.


The new offering includes a streamlined question set, allowing brokers to get a quote in minutes. The policy wordings are also written in clear and simple language, it states, making coverage easy-to-understand for both brokers and their SME clients.


“Cyber insurance has quickly moved from an add-on to an absolute must-have to protect businesses against an attack and to ensure they have fast access to expert specialists if a breach does occur so they can return to normal as quickly as possible,” said Neil Arklie, head of cyber insurance at Aviva. “Cyberattacks can take many forms and can have a devastating effect on a business. Aviva’s cyber insurance allows SMEs to continue to operate with confidence and offers jargon-free policy wording ensuring clarity on coverage.”


The policy also provides dedicated expertise from third-party specialists, including Kaspersky’s suite of cybersecurity solutions, HorizonScan for crisis simulation exercises, and the government-backed Cyber Essentials accreditation via CyberSmart.


In the event of a cyber breach, Aviva’s cyber insurance offers quick access to a round-the-clock network of incident response specialists, who will outline the steps to recovery.


The insurer will then follow-up with analysis of the incident and contribute up to £25,000, following a loss, to help improve the resilience of an SME’s IT systems and prevent a similar event from occurring. If the cyberattack poses a threat to a brand, Aviva will enlist the help of a public relations company to help protect and mi ..