ARCH Insurance (UK) is set to launch a new cyber insurance product intended to protect small to medium enterprise (SME) clients and their insurance brokers from cyber threats.
Known as Cyber Searchlight, the new offering will be introduced at BIBA 2019. It has been designed to focus on providing the assistance SMEs need soon after a cyber attack.
The insurer said that it will provide app-based notifications and online assistance in case of a cyber-attack so that the affected businesses can continue operating with minimum interruptions.
The insurer claims that Cyber Searchlight will be a specialist standalone offering in the UK market. It intends to subsequently introduce the offering in the Australian market though its ydney and Melbourne offices.
Arch also revealed that it will combine the product into the commercial SME business package solutions offered by its UK Regional Division.
Arch’s London-based cyber class underwriter Marcus Breese oversaw the development of the new product.
Arch UK Regional chief executive Steve Bashford said: “Our ambition has been to design a simple, service-led policy proposition to overcome the historic complexity in the cyber segment.
“When a business experiences a cyber attack, it needs a responsive, straightforward service — a lifeline in its hour of need.
“We’ve designed Cyber Searchlight to be a fifth emergency service, empowering brokers to sell more policies with more confidence and to get their clients back up and running swiftly if they experience a cyber incident.”
Claims originated due to cyber event will be managed by the Arch claims team. The company will offer uninterrupted cyber breach response service in partnership with the cyber team at global law firm Kennedys.