Aviva launches new cyber cover aimed at micro-SMEs

Aviva Cyber Respond will be available from as little as £50 per yearResearch suggests just 2% of the UK’s 5.2m micro-SMEs have a Cyber insurance policyAviva also launches a certified Cyber Insurance training programme for insurance brokersAviva named as National Ambassador for The National Cyber Resilience Centre Group

Aviva has launched a new cyber insurance policy to offer affordable cover and breach response services to the UK’s 5.2m micro-SMEs, which account for 95% of all businesses in the UK. 

Aviva Cyber Respond has been designed for very small businesses, who are exposed to cyber threats, but don’t have the resources or capability to deal with a potential cyber incident. Research by Aviva found that just 2% of micro-SMEs have a specific cyber policy that will help them restore their business in the event of a cyber-attack or data security breach.

The new cover will protect micro-SMEs who want the security that a cyber policy provides, but don’t need the all-inclusive covers that are aimed at larger businesses. By focusing on providing a service-led product that will help businesses recover their data and get their business up and running again, Aviva is able to offer reasonably priced cover, starting from as little as £50, subject to individual circumstances and the cover level selected.  Aviva has also waived the excess to further reduce costs for micro-SMEs.

Aviva Cyber Respond provides the same level of incident response as Aviva’s existing digital product, Cyber Complete, which is aimed at SMEs with up to £50m turnover. Most notably, a 24/7 telephone line is available, meaning help is available at the end of a phone to help businesses identify what the issue is and how to recover from the incident. If further help is needed, the policy provides cover for specialist IT forensics experts to resolve the event and get the business back up and running.

Other benefits of Aviva Cyber Respond include an identity fraud monitoring service, 12 months of credit monitoring services and reputation management services to minimise adverse publicity following a loss. The policy also provides a telephone-based counselling service to help small business owners who may be struggling with their mental health in the wake of a cyber event.

Cyber Complete will still be available for micro-SME customers who are eligible for Cyber Respond but want access to the higher limits and additional coverage that comes with Cyber Complete.

The new policy will be available to brokers from the end of October on Fast Trade, Aviva’s award-winning, proprietary trading platform, and also Acturis eTrade.

Broker Training Certificate

Aviva has also launched the Aviva Certified Cyber Insurance and Risk Professional (ACCIRP), a certified computer-based training (CBT) programme for insurance brokers which will equip brokers with essential information so they can help their customers identify and manage their cyber risk. The self-led online course will assist in furthering a brokers’ professional development, helping them to better understand cyber risks and how insurance can help to mitigate them. The course will provide an introduction to cyber risks, the cover provided by cyber insurance, relevant underwriting factors and how to sell the policy.

National Ambassador

Aviva has also been named a National Ambassador for the National Cyber Resilience Centre Group (NCRCG). The NCRCG is a collaboration between Government, police forces, business and academia, established to improve cyber resilience across the business community. As a National Ambassador, Aviva will help shape the national debate on cyber resilience and work closely with law enforcement and government to reduce the risk posed by cyber criminals for the benefit of the wider SME community.

Commenting on the launch of Cyber Respond, Stephen Ridley, Head of Cyber, Aviva, said, “Micro-SMEs face similar cyber risks to other businesses, although they have fewer IT and financial resources to protect themselves. Aviva’s Cyber Respond is designed to help very small businesses become more cyber resilient, providing an extra emergency service that can respond quickly in the event of a cyber incident. By streamlining the policy to reflect the needs of micro-SMEs – without the extras that are aimed at larger businesses – we’re also able to offer the policy at a more affordable price.

“Brokers will play a critical role in helping micro-SMEs build their cyber resilience. That’s why we’ve launched our own broker certification programme, giving brokers the necessary tools to help their customers protect themselves from the growing risk of cyber-attacks.”

Authored by Aviva