Allianz launches new cyber product for mid-corporates

Cyber Select, a new cyber solution from Allianz Insurance, provides mid corporate businesses with comprehensive cyber cover, access to crucial prevention support and incident response services.

Its launch comes as the speed of digital transformation presents businesses with a new level of risk. In 2018 the most common fraud in the UK was cyber-crime, with cyber incidents also topping the 2019 Allianz Risk Barometer as the key corporate risk for UK businesses.

In this fast-changing environment, hackers are no longer concentrating on large corporate entities. The cost of cyber security breaches to the UK mid-market business is estimated to be £30 billion.

Allianz is an established presence in the cyber market and Allianz Global Corporate & Specialty (AGCS) has many years of experience in cyber insurance. By partnering with AGCS and sharing expertise, Allianz Insurance has been able to create a new product specifically for mid-corporates.

Allianz Insurance’s Cyber Select proposition offers customers the option of selectable limits and can be purchased as a standalone product, or packaged with property and casualty covers, depending upon the needs of the customer’s business.

Businesses will be insured against liabilities stemming from a cyber-attack, including costs and lost income, plus forensic IT and legal support in the event of an actual or suspected breach. They also get also access to a 24/7 incident response helpline, specialist claims team and free risk management support.

The cover includes business interruption; privacy and confidentiality breach; and data breach response costs. Access to a panel of experts provides businesses with information to help reduce the likelihood of a breach occurring.

Catherine Dixon, commercial underwriting director Allianz Insurance, said: “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. The EY research revealed only 35 percent of organisations have cyber insurance which actually meets their needs and we believe brokers have a strong role to play in helping customers navigate this growing risk.

“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. However, should a data loss or theft happen customers can be reassured that they also have access to specialist advice, support and cover to help them recover after a breach.

“Cyber Select is more than just insurance, it’s an opportunity to access a whole suite of experts who are specialists in helping businesses identify, detect and recover from cyber-attacks.”

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