Aviva launches new cyber insurance proposition on Fast Trade

Aviva-launches-new-cyber-insurance-proposition

New proposition launched to combat growing cyber risk to small and medium enterprises

  • Aviva’s new cyber proposition offers clear, comprehensive cover on Fast Trade
  • Broad, affordable cover aimed at closing the insurance gap for SMEs
  • Only one-in-three businesses have cyber protection
  • Pandemic triggers rapid, evolving growth in cyber-attacks on businesses
  • 46% of businesses suffered a cyber breach or attack in 2020
  • Streamlined question set allows brokers to get a quote in minutes

Aviva has launched a new, comprehensive cyber insurance proposition on Fast Trade, its proprietary trading platform powered by Acturis, designed for small to medium enterprises (SMEs) to help combat the increasing threat of digital crime.

Aviva’s new cyber offering comes as the risk of a cyber-attack has rapidly grown. As Covid forced businesses to work remotely and – increasingly, digitally – cyber-attacks increased with 46% of UK businesses reporting a Cyber breach or attack in 2020. Aviva’s Risk Insights Report found that Cyber is the fifth-largest risk British businesses face. 

Cyber threats are continually evolving, moving from viruses and malware to more sophisticated methods like ransomware and social engineering. Where once cyber criminals specifically chose their targets, most criminal activity today leverages off-the-shelf tools to scour the internet for vulnerable systems. Businesses without adequate protection are therefore not just easier to attack, but increasingly, more likely. Small businesses in particular lack the resource to be able to respond quickly if they were to suffer an attack.

Cyber Insurance from Aviva provides a broad range of cover for first party, third party and reputation management costs, as well as risk management support, experts from third party specialists and rapid response in the event of a cyber-attack. The policy wordings are written in clear, easy-to-understand language, and offer broad and affordable cover for a wide variety of businesses with turnovers of up to £250m. Indemnity limits range from £25,000-£5m, and feature low excesses and competitive rates.

Brokers will be able to purchase the new cyber proposition on Fast Trade using Acturis’ Cyber NOW platform; Aviva is the first major insurer to use this platform. The benefits of Cyber NOW include a streamlined question set – allowing brokers to get a cyber quote for their clients in less than two-minutes - and clear, simple policy wordings, bringing greater clarity on coverage to brokers and their SME customers.

Increasing need

Just one-in-three businesses have relevant cyber cover in place1. A number of businesses mistakenly believe they are adequately covered via an add-on to an existing insurance, such as computer policies. Businesses should be aware that add-on policies are not designed to provide the full range of cyber cover and services that a business would require following a cyber incident – most notably breach response, which is essential to limiting the impact of an event.

The results of a cyber-attack can be crippling. Aviva’s Risk Insights Report found that two-in-five businesses are concerned that a cyber-attack would cause operational disruption and loss of data, and one-third are worried about the direct financial impact and loss of consumer confidence.

Access to Aviva Risk Management Solutions and Third-Party Experts

Risk management and prevention strategies are critical to minimising the risk of a cyber-attack. Aviva’s own risk management specialists are available to provide training and innovative solutions to protect SMEs from being targeted by cyber criminals, and the newly-launched Aviva Risk Management Solutions website provides access for brokers and their customers to a wealth of Aviva risk management material and resources. 

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

Rapid Response

A quick response to a breach is essential, with the so-called “golden hour” a critical timeframe to be able to effectively respond and reduce the impact of the event. This requires co-ordinated expert support. In the event of a cyber breach, Aviva’s Cyber proposition provides fast access to a round-the-clock network of incident response specialists who will outline how they can assist recovery.

Following a breach, Aviva will follow-up with analysis of the incident and a contribution of up to £25,000, following a loss, to help improve the resilience of IT systems and prevent a similar event reoccurring. If the cyber-attack poses a threat to brand or reputational damage, Aviva will provide public relations support from a PR company to protect and mitigate against any reputational damage.

Neil Arklie, Head of Cyber Insurance, Aviva, said, “The pandemic accelerated the move to digital as businesses responded to the operational challenges of the new normal. As with any significant change in operations, it’s critical that businesses have the right cover in place to protect themselves.

“This is especially true as businesses have embraced digital – many businesses will have a larger risk exposure than they realise: while most businesses are protected against physical risks such as fire and flood, and carry out regular risk assessments to protect themselves, the less visible but equally damaging digital risks are largely forgotten.

“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.  Cyber-attacks 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.”

Aviva’s Cyber Insurance Proposition is available via Fast Trade, e-trade and our regional branch network, and can be purchased standalone or as part of a package.

Authored by Aviva

If you would like to talk to someone at Aviva to find out more about their new Cyber Insurance proposition CLICK HERE, leave a message and youTalk-insurance will pass your enquiry on 

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