IAG Launches Specialist Cyber Underwriting Agency
IAG today launched its specialist cyber underwriting agency 'Cylo backed by CGU', to help strengthen the cyber resiliency of small businesses in Australia, while providing insurance protection against cyber-attacks.
Safeguarding businesses with revenues of up to $10m, 'Cylo backed by CGU' is a unique 'secure and insure' offering which embeds cyber security within a cyber insurance policy, providing critical protection in an environment of increasing cyber threats.
To deliver the end-to-end sophisticated offering combining data, insights and tools to mitigate and manage cyber risk, IAG has forged partnership arrangements with UpGuard and Crawford & Company.
UpGuard will provide 'Cylo backed by CGU' customers with ongoing cyber risk monitoring, acting as an early warning indicator of vulnerabilities to minimise the potential of cyber-attacks, while Crawford & Company will oversee 24/7 incident response, cybersecurity intelligence and end-to-end claims management.
With cyber-risk ranked as the leading concern for Australian CEO's in 2024, we know businesses are deeply anxious about the growing incidences of cyber-attacks and their potential impact and exposure.Jarrod Hill
Chief Executive Officer CGU and WFI
"Recognising this increasingly complex digital landscape, we set out to develop a best-in-class cyber insurance product to protect the small business segment. 'Cylo backed by CGU' is a comprehensive risk-informed underwriting proposition that sees us partner with world leading cyber experts to provide peace of mind and security to our small business customers."
According to the Insurance Council of Australia, only around 20% of Australian SME's have stand-alone cyber insurance, while Cybercrime costs the Australian economy around $42b1 per year, with 43% of cyber-attacks targeting small businesses2 at an average cost of $39k3 per incident.
UpGuard CEO and Co-Founder Mike Baukes said:
"We are proud to collaborate with IAG on this innovative initiative to protect Australian businesses. Our ongoing cyber risk monitoring will serve as a crucial component in detecting vulnerabilities early, helping businesses prevent attacks before they occur. This partnership is a testament to our shared commitment to enhancing cyber resilience and protecting the critical assets of small businesses."
President Crawford Australia Jonathan Hubbard said:
"In our experience, it's certainly not just big businesses that are being targeted by these cyber criminals. Cyber insurance has become a must-have purchase for businesses large and small, and then if the worst happens, it's of paramount importance to have comprehensive expert cyber incident response help on speed dial to ensure there's no delay in containing and minimising the damage as much as possible."
