CPP Group UK partners with Gallagher to provide SME cyber protection
InsurTech company CPP Group UK today announces a partnership with Gallagher, one of the worlds largest insurance brokers, to provide a new cyber product to small business clients of Gallaghers UK Retail Division.
The partnership will see Gallagher offer a cost effective cyber protection solution to its smaller SME clients. The product will primarily be a bolt-on addition for clients purchasing SME package insurance.
Cyber NOW is available on Acturis
The policy is offered by CPP Secure (CPPs Managing General Agent business) and is underwritten at Lloyds, which carries A rated financial status. Gallagher will access the product through the Acturis insurance administration and trading platform, following the launch of CPPs SME policy on the platform in October 2019.
The partnership cements Gallagher as one of CPPs first major commercial insurance broker partners following its Acturis launch, and sees Gallagher expanding its coverage offering in the light of ever-increasing cyber risk to small businesses.
Established in 1927, Gallagher is a Fortune 500 company and a global leader in insurance brokerage, risk management, and human capital consultancy.
In the UK, Gallagher has more than 5,200 employees specialising in risk management, and insurance solutions, for corporate, commercial and personal customers. Through a regional UK network of customer-focused branches in more than 70 locations, and its specialty London market operations, Gallagher offers tailored insurance programmes and coverage for both UK and international clients.
CPPs cyber product is specifically designed to cater for the needs of SME businesses and was the first SME-specific cyber add-on for general commercial use to become available on the Acturis platform.
The UKs 5.9 million SMEs are most at risk to cyber attacks, yet only 1 in 10 have cyber cover.1 In 2018, 58% of cyber-attack victims were SMEs,2 with the total cost of cybercrime across all UK SMEs amounting to 13.6 billion.3
Gallagher is a one of the major brokers of cyber coverage for large and mid-size businesses, however its existing tailored solution is not cost effective for smaller businesses and this partnership will enable Gallagher to expand its coverage to cater specifically to the SME market, which makes up 99% of the UK business landscape and turns over an estimated 2.2 trillion annually.4 The policy is designed to be inherently accessible, featuring a reduced question set and tech-free language.
The cover includes access to a 24/7 helpline, free antivirus software, cloud-hosted backup storage and, if an incident does occur, access to an IT forensic company and PR support. It also includes protection against any liabilities arising from a cyber-attack or breaches of data protection laws.
Barry Duffin, Managing Director of SME at Gallagher, said:
The partnership with CPP enhances our existing cyber insurance provision. The level of cover provided, combined with a lower than market-norm excess, allows us to offer a product that specifically meets the needs of SMEs, that dont have the support of a large IT team but are exposed to cyber risk.
We look forward to a long and mutually beneficial relationship with CPP.
Michael Whitfield, Managing Director of CPP also commented:
Gallagher is one of the biggest and best-known brokers both nationally and internationally, so we are delighted to have them as a partner. It gives us a strong footprint in the UK broker market, which we will continue to build upon.
Cybercrime against UK businesses is becoming more commonplace and severe, and the nature of attacks are becoming more sophisticated. Our cyber insurance policy aims to substantially reduce small business exposure to risk, by offering them a product that is fit for purpose and cost effective for their size. It is through working with organisations like Gallagher that we can significantly boost our efforts to help keep small businesses protected and keep the UKs SME economy thriving.