Superscript, the London-based SME insurance provider, has announced a partnership with SME cybersecurity specialists CyberSmart, the SME cybersecurity specialists to provide free cybersecurity insurance for SMEs.
The move is an important step for the insurtech sector in taking the lead towards mbedded insurance for businesses.
According to reports, upon completion of the government-backed ‘Cyber Essentials’ certification on CyberSmart’s website, small businesses can subscribe to Superscript’s specially developed cyber insurance almost instantly, without leaving the website.
Superscript and CyberSmart have also automated the process using real-time technological integration, to make holistic cybersecurity more accessible to customers.
Embedded cybersecurity insurance
Superscript was founded in 2015 and provides business insurance designed specifically to meet the needs of small businesses. Underpinned by proprietary technology, it delivers customised, subscription-based insurance cover for all types of risk.
Following the new partnership, Superscript’s cyber product can offer a broader spectrum coverage for CyberSmart customers than was previously available, with a cover limit of up to £25K. While it brings extensive coverage in media and advertising liabilities, the policies also extend to:
- 24/7 breach response service - does not erode the £25k policy limit
- Website recovery services (for denial of service attacks)
- Cover for cyber business interruption and ‘dependent business interruption’ costs - covering failures in the supply chain
- Cover for Payment Card Industry (PCI) costs - due to a security breach that involves credit or debit card numbers
- Cover for costs to regain access to, replace, or restore data incurred as a result of a security breach
- Cover for infringement of physical property
- Optional covers: Cyber extortion costs and cybercrime cover
Speaking about the new collaboration and the benefits it will have for SMEs struggling to manage losses through cybercrime, Henry Newby, Partnerships Director at Superscript, explained, “With a significant uplift in cyberattacks recently, it is more important than ever that small businesses have cyber protection that gives them the confidence to grow. Superscript’s partnership with CyberSmart does just this. CyberSmart is the prevention, while Superscript is the cure. You can have both.
He continued, “The partnership is an industry-defining moment in insurance. As technological capabilities improve, driven by insurtechs like Superscript, we will begin to see much more embedded insurance like this; making it easier than ever before for businesses to secure comprehensive coverage without any fuss.”
The problems associated with providing cybersecurity insurance have presented numerous challenges to insurers in the past – particularly as remote workforces have resulted in a much wider spate of attacks over the last 12 months Jamie Ahktar, Co-Founder and CEO at CyberSmart, said that collaboration with security specialists is the best way to build a robust insurance product for businesses. “Ensuring that security and insurance companies work cohesively with each other is a crucial facet of providing the holistic protection for SMEs they so desperately need.”
Ahktar added, “A small business in the UK is hacked every 19 seconds, with dire consequences both from a security and insurance perspective in many instances.”