Insurance broker Kingsbridge, which services contractors and corporates, is adding a cybersecurity tool into its offering.
The company announced Friday (Aug. 18) that it launched Cyber Liability, a way to protect contractors in the event of a cyberattack or data breach and a response, the firm said, to a “dramatic” rise in the number of recent cyberattacks on U.K. SMBs.
The solution provides businesses with access to ReSecure, a 24-hour help line and incident report service provided by RPC that can help companies identify the cause of an attack and help with data recovery. Kingsbridge’s Cyber Liability coverage provides about $32,000 to businesses in the event of ransomware or cyber extortion, and an additional amount for regulatory penalties. The company is also offering funds for data recovery costs and other financial burdens associated with disruption of operations due to a cyber event.
“We are living in a world where the constant threat of malicious cyberattacks is only increasing,” said the firm's CEO, Steve Wynne, in a statement. “As the recent incident involving the NHS has shown, we are vulnerable. With the growing reliance on digitalization for contractors, freelancers and SMEs, we felt that now was the right time to launch this relevant new product, designed specifically for freelancers and contractors.”
The U.K.’s National Health Service (NHS) was hit with a cyberattack, as were dozens of other businesses around the world, during the so-called WannaCry ransomware attack this year.
“The days of relying on antivirus software are gone,” added Kingsbridge Group COO Dorian Zanker in another statement. “The number of advanced persistent cyber threats is rapidly going up, and, as the recent report from [insurance group] the ABI noted, three-quarters of SMEs are reported to have suffered a security breach in the last 12 months alone.
“Our Cyber Liability cover is designed specifically for contractors, giving them peace of mind that, in the event of a breach, they will be protected and guided by a team of dedicated professionals.”
Kingsbridge added that its new product is available as an add-on to new customers who purchase its standard insurance package.