Winston Churchill once said "I cannot forecast to you the action of Russia.  It is a riddle wrapped in a mystery inside an enigma."

The same could be said of cyber insurance policies.

They combine traditional insurance policy language (which, let's face it, is never gripping) with tech-jargon (botnet, Trojan horse, Cryptojacking anyone?) to create a product that is impenetrable to most SME's.

Even the title cyber insurance is a misnomer because the terms cyber and insurance only describe a small part of the value provided by these policies.

My point is that the language and structure of "cyber insurance" policies obscure the benefits of purchase.

And that's a shame because, at their heart, they provide tangible benefits for SME's and at a cost that provides amazing value.

So as an SME why buy cyber insurance?

The most compelling reason to buy cyber insurance is because it provides rapid access to highly skilled professionals who provide niche services and who, under the guidance of an insurer (or their representative), work as a team to provide solutions to problems.

As an SME your desktop computer or mobile device are important to the smooth running of your business. 

You may well use either for calendaring, issuing invoices, buying stock or maintaining client records (by the way, people consistently underestimate the value and quantity of data that lies in an email inbox).

What would you do in the event that the device suddenly had zero functionality and displayed a threat to erase all your data unless a bitcoin payment is within 24 hours?

This is just one example of many scenarios where cyber insurance has incredible value.

Cyber insurers and their representatives can coordinate the different specialists that are required to:

  • Establish if the threat is real
  • Ensure the key being offered to unlock your device works and doesn't contain anything harmful
  • Determine what data has been impacted by the attack and how much is recoverable
  • Determine whether anyone needs to be notified and draft the appropriate letters
  • source and pay bitcoin on your behalf.

SME's do not have the same financial means nor the address book to access these kind of services in an emergency.

The above is just one example of how cyber insurance adds value. There are many others but sadly that value is hidden by insurance and technology jargon.

More education isn't the answer. SME's should not have to be educated in the dark arts of technology and insurance in order to find the value of cyber insurance. At Arch, we think it is incumbent upon the insurance industry to create products where the benefits of purchase are self-evident.

That is why we created Cyber Searchlight. A cyber insurance product that "is a key", rather than being "a riddle wrapped in a mystery inside an enigma."  Cyber Searchlight is easy to read and easy to purchase.

For more information and to purchase Cyber Searchlight insurance, please contact your Insurance broker