Tarian Underwriting, the specialist provider of tailored solutions for cyber and technology risks, today announced the launch of Tarian Online, its new ‘Quote to Bind’ platform. Designed to simplify the process of understanding and obtaining cyber insurance cover, Tarian Online combines quotes, statement of fact and policy issuance.
Tarian is recognised as a cyber expert within the London insurance market, with its senior managers having more than 40 years of experience in cyber insurance.
The new platform enables regional insurance brokers to offer Tarian’s specialist cyber cover to their clients, quickly and easily, as well as providing access to Tarian’s cyber team 24 hours a day, 7 days a week.
Cyber crime already presents a major threat to UK companies, with the latest figures showing that an average of 43 breaches are being notified to the Information Commissioner’s Office (ICO) every day, making the annual figure nearly 16,000. With the average cost of a breach for UK companies being close to £200,000, cyber is a significant issue for all companies.
Data relating to cyber crime shows that Professional and Financial Services firms are the most targeted industry sectors, with 37% of notified breaches. Other sectors regularly targeted are Business Services (12%) and Retail (9%). Malicious and criminal attacks are the leading cause of data breaches in 2019 at 51%, followed by system glitches (25%) and human error (24%).
Tarian’s claims experience points to business email compromises and e-commerce payment card skimming attacks being the two largest areas of cyber crime. Email compromises are a major threat, particularly to SME companies, due to financial processes not being constantly monitored.
“There is a significant demand for cyber insurance in the UK, from all sizes of companies,” said James Berry, Claims Manager at Tarian Underwriting. “The number of cyber breaches in the UK is growing rapidly, often due to UK companies being regarded as allocating smaller cyber security budgets compared to those in other developed countries. Many breaches are not notified to the ICO, meaning that the current 16,000 recorded breaches a year is only the tip of the iceberg.”
He added, “Due to the specialist nature of cyber insurance, in the past a significant amount of time has been lost when clarifying terms. Recognising this we have simplified the process to only three steps, making it simpler and more efficient for brokers and their clients.”
“We established Tarian to deliver entrepreneurial and tailored solutions for Cyber and Technology risks globally,” said Geoff Pryor-White. “By launching Tarion Online we are extending access to our underwriters’ specialist knowledge, enabling more brokers to address the growing issue of cyber crime with their clients.”
“Tarian, with their wealth of expertise and innovative approach to underwriting have always provided a good quality service,“ said David Rees, Executive Director, Cyber and Technology Solutions at RKH Speciality.