Cyber Risk solution for SMEs embedded in Mi Specialty commercial combined and package products
While cyber risks are recognized as a major risk for all businesses irrespective of size, insurance providers have tended to focus on solutions for larger corporates. But cyber risk has the potential to cause significant financial losses and business interruptions to SMEs.
By incorporating cyber cover in its Commercial Combined and Package products, Mi Specialty is offering an appropriate level of cover for SMEs at an affordable price, through its partners in the independent broker community.
Cover includes first and third party liability expenses caused by a data breach and crime. The main components of cover are:
Cyber liability – damages and defence costs for claims made against the insured
Data breach expense – costs and expenses to respond to a failure to meet data privacy obligations
Computer system damage, data, extra cost and business income – costs and expenses arising from a cyber event
Cyber crime – financial loss following fraudulent modification of data in the insureds computer system