Insurer IAG has launched a specialist cyber underwriting agency called ‘Cylo backed by CGU’ to help strengthen the cyber resiliency of small businesses in Australia while providing insurance protection against cyber-attacks.
Saying the agency will provide “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,” IAG added that Cylo will look after businesses with revenues of up to AUD10 million.
“With cyber-risk ranked as the leading concern for Australian CEOs in 20241, we know businesses are deeply anxious about the growing incidences of cyber attacks and their potential impact and exposure,” said IAG’s Jarrod Hill. “Recognising this increasingly complex digital landscape, we set out to develop a best-in-class cyber insurance product to protect the small business segment.”
IAG is working with UpGuard and Crawford & Company to provide the new insurance product. UpGuard will provide ongoing cyber risk monitoring, acting as an early warning indicator of vulnerabilities. Crawford & Company will oversee 24/7 incident response, cybersecurity intelligence and end-to-end claims management.
“Our ongoing cyber risk monitoring will serve as a crucial component in detecting vulnerabilities early, helping businesses prevent attacks before they occur,” said Crawford Australia President Jonathan Hubbard. “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.”
According to the Insurance Council of Australia, only around 20% of Australian small and medium-sized businesses have stand-alone cyber insurance.
‘Cylo backed by CGU’ is available only via CGU-affiliated brokers. IAG wholly owns CGU.
