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April 16, 2021

Aviva targets growing SME concerns with new cyber insurance product

By GlobalData Financial

Aviva has signalled its commitment to cyber insurance by releasing a new SME product. This is a positive move given that SMEs are increasingly interested in cyber insurance as a result of the pandemic.

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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

This is one of the conclusions from GlobalData’s 2020 UK SME Insurance Survey. A total of 53.4% of respondents were concerned to some extent about cyber-crime as a result of the pandemic, which shows it is now an issue for a significant proportion of SMEs.

aviva cyber insurance

Source: GlobalData’s 2020 UK SME Insurance Survey

 

This suggests that now is a very good time to launch a new cyber product for SMEs. Concern is at a high level but the penetration rate for the product remains low, which indicates it is an area ripe for growth. Our survey found that just 33.7% of SMEs in the UK held a cyber insurance policy in 2020.

The potential size of the market has undoubtedly grown as a result of COVID-19. Scammers have been preying on people’s fears around COVID-19 with a rise in phishing emails about the pandemic. Our survey found that 9.5% of SMEs said their likelihood of purchasing a cyber insurance policy has increased as a result of the pandemic, while only 3.9% said it had decreased.

The Aviva cyber insurance policy will be sold through brokers who will be able to provide quotes in minutes. Offering a new product (as opposed to an add-on) highlights Aviva’s intentions in the area. This is likely to be a key topic in the next few years and we expect to see activity from other leading insurers in this line.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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