Argo Group International has launched a new cyber insurance policy for the small and medium-sized business market.
The new digital solution, Argo Cyber Sphere will offer a mix of first and third-party cyber-risk insurance coverages with full cybersecurity protection. Protection will only be available to companies which have an annual revenue of up to $50m.
Cyber Sphere also offers a suite of preventative tools and coverages to protect insureds from ransomware, social engineering, malware, DDOS attacks, and other cyber-related threats. These tools will be administered by Paladin Capital, an InsurTech which has built an array of software solutions which protect against various cyberattacks.
Argo Group senior vice president and head of cyber Paul Miskovich said, “Small-to-medium-sized businesses are highly underserved by cyber insurance products and services. This leaves them underinsured and under-protected against one of the most serious threats to their businesses today – malicious cyberattacks.
“Argo’s Cyber Sphere insurance coverage aims not only to provide a financial protection for those businesses, but also easy-to-use proactive tools to defend against these threats.”
There has been growing appetite for cyber insurance over the past year, with a number of firms launching related offerings. Earlier in the year, Asian financial services platform DBS released a cyber policy, as did cyber resilience solution Arceo.ai and multinational insurer Swiss Re.
Copyright © 2019 FinTech Global
