Lorega and Agenci win cyber award

Lorega, a UK managing general agent (MGA), and Agenci, a cyber security consultancy, have been awarded insurance product of the year at the Cyber Security Awards.

The product, Cyber Recovery, helps small and medium-sized enterprises (SMEs) survive a data breach following a cyber-attack.

The two companies received the award at the independent cyber security industry awards ceremony in London on 23rd June.

Cyber Recovery was commended by judges as an insurance product delivering "simplicity in a complex market" and helping to raise awareness and educate SMEs on the value of cyber security.

The product offered by Lorega and Agenci provides SMEs, with a turnover of £5 million or less, 24 hour access to expert advice following a security breach involving personal data.

The insurance covers the cost of forensic and technical services to investigate and restore systems, helping in the liaison and communication with regulators and customers.

Cover is also provided for the cost of certain financial damages, penalties and fines. Agenci provide forensic and technical services.

Neill Johnstone, managing director of Lorega, said: “We set out to provide cover that enabled SMEs to get back trading as quickly as possible, mitigating financial losses and commercial and reputational damage. This award is important recognition of our commitment to ensuring SMEs can access straightforward insurance solutions to address the real risks they face from customer and business data loss as the result of cyber-attack.”

Gary Hibberd, managing director of Agenci, added: “SMEs are amongst the most vulnerable when it comes to cyber risk and protecting their assets. Cyber Recovery brings simplicity and clarity to what has become a complex area of insurance. This award not only recognises the genuine value we provide the customer but also the drive to educate and inform SMEs about the importance of understanding cyber risks.”