Specialty insurer NMU has extended its standalone cyber product CyberSafe to include customer payment fraud protection and cover for business Interruption loss resulting from reputational harm.
It has also widened coverage to include court attendance costs, service providers’ extensions and operational error. MNU promised the new system will increase the interruption period covered and reduce the waiting time.
CyberSafe is aimed at the UK SME market and provides cover against cybercrime and cyber terrorism, business interruption, extortion by employees, data and privacy loss.
Matt Drinkwater, underwriting manager for cyber and financial lines at NMU, said NMU had improved the system in response to feedback from brokers and their clients. “Despite the fact that over half of UK SMEs have suffered a cyber-attack, a lack of awareness of the consequences, and a feeling that ‘it won’t happen to me’ still pervades,” he said. “The fact that the financial consequences are less tangible than say from a fire or flood, doesn’t make them any less real.”