Superscript, the SME insurance provider, today announces a partnership with CyberSmart, the SME cybersecurity specialists. The partnership provides free cybersecurity insurance for small businesses in just a few clicks, in a leading example of the industry movement towards ‘embedded insurance’.
The partnership follows a sharp rise in cyber attacks on businesses in the UK, resulting in the creation of a UK ‘Ransomware Task Force’ which has called for urgent action. Upon completion of the government-backed ‘Cyber Essentials’ certification on CyberSmart’s website, small businesses can subscribe to Superscript’s specially developed cyber insurance almost instantly, without leaving the website. This is thanks to a real-time technological integration between Superscript and CyberSmart, automating the process to make holistic cyber security more accessible than ever before.
Superscript’s cyber product provides more extensive coverage for CyberSmart customers than was previously available, with a cover limit of up to £25,000. While it brings broader coverage in many already available areas such as media and advertising liabilities, it also brings extensive value and assurance. These include:
Industry-leading 24/7 breach response service – does not erode the £25k policy limit
Website recovery services (for denial of service attacks)
Cover for cyber business interruption and ‘dependent business interruption’ costs – covering failures in the supply chain
Cover for Payment Card Industry (PCI) costs – due to a security breach that involves credit or debit card numbers
Cover for costs to regain access to, replace, or restore data incurred as a result of a security breach
Cover for infringement of physical property
Optional covers: Cyber extortion costs & cybercrime cover
Henry Newby, Partnerships Director at Superscript, said:
“With a significant uplift in cyber attacks recently, it is more important than ever that small businesses have cyber protection that gives them the confidence to grow. Superscript’s partnership with CyberSmart does just this. CyberSmart is the prevention, while Superscript is the cure. You can have both.
“The partnership is an industry-defining moment in insurance. As technological capabilities improve, driven by insurtechs like Superscript, we will begin to see much more embedded insurance like this; making it easier than ever before for businesses to secure comprehensive coverage without any fuss.”
Jamie Ahktar, Co-Founder and CEO at CyberSmart, said:
“Ensuring that security and insurance companies work cohesively with each other is a crucial facet of providing the holistic protection for SMEs they so desperately need. A small business in the UK is hacked every 19 seconds, with dire consequences both from a security and insurance perspective in many instances.
By continuing to build cross-industry partnerships such as this, CyberSmart and Superscript are ensuring that businesses have access to the information and expertise they need to stay secure, and are equipped to deal with the consequences should a breach occur.”