WTW, a global advisory, broking and solutions company, has introduced a new cyber insurance solution tailored for SMEs in North America.

The offering aims to address the unique cyber risks faced by businesses with annual revenues under $50m, including start-ups and pre-revenue accounts.

WTW said the launch of its tailored cyber solution comes as a strategic move to fill the gap in the market, where SMEs have struggled to secure affordable and apt cyber cover.

The company partnered with undisclosed cyber insurance carriers to ensure that the specific needs of SMEs are met.

This collaboration is said to have resulted in a solution that provides SMEs with fast access to competitive insurance quotes through self-service quoting platforms.

WTW MM Cyber/E&O NA head Jessica Klipphahn said: “This moment signifies a transformative effort, dedicated to addressing the distinctive challenges SMEs face in the realm of cybersecurity.

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“Through strategic partnerships with top-tier cyber insurance carriers and the delivery of resources, we assure SMEs access to affordable and comprehensive coverage. This initiative not only resolves concerns previously facing SMEs but also positions cybersecurity as an integral and manageable component of their business strategy and enterprise risk management.”

The company’s tailored cyber insurance solution also extends beyond coverage, offering policyholder resources to support SMEs in implementing and maintaining strong cybersecurity measures.