NMU extends cyber product to include customer payment fraud and reputational harm loss5th November 2019
NMU has extended its standalone cyber product CyberSafe to now include a range of new services and extended benefits. Chief amongst these are the inclusion of customer payment fraud protection, and cover for Business Interruption loss resulting from reputational harm.
CyberSafe is aimed at the UK SME market and provides cover against cybercrime and cyber terrorism, business interruption, extortion by employees, data and privacy loss. The product also includes a range of response and restoration services, including an integrated 24-hour breach response service from ReSecure.
According to NMU’s Cyber & Financial Lines Underwriting Manager Matt Drinkwater, the product has been well received by brokers since its launch earlier this year and the additions were made in response to broker demand for even broader coverage. “The response we’ve received so far to CyberSafe has been excellent. Our aim is to build on this; to listen to what our brokers and their clients are asking for with a broader coverage that reflects their needs and the evolving nature of cyber-attacks on SMEs.”
The fact that the financial consequences are less tangible than say from a fire or flood, doesn’t make them any less real
As well as payment fraud and BI losses from reputational harm, NMU have widened coverage to include court attendance costs, service providers’ extensions and operational error. They have also increased both the interruption period covered, and reduced the waiting time
Drinkwater added: “Despite the fact that over half of UK SMEs have suffered a cyber-attack, a lack of awareness of the consequences, and a feeling that ‘it won’t happen to me’ still pervades. The fact that the financial consequences are less tangible than say from a fire or flood, doesn’t make them any less real.”
“Phishing, social engineering and ransomware attacks are on the rise; we need to work with our broker partners to help educate business about these dangers and the comprehensive cover available to help protect them.”