London | 07 October, 2024
Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan (NYSE: MMC), today announced the launch of a new cyber insurance and risk advisory solution for mid-market companies in the UK. The solution – which is available to UK businesses in all industries with revenues between £50 million and £250 million – enables clients to assess their resilience to cyber risks and secure up to £10 million in cyber insurance cover.
Backed by a panel of specialist London market insurers, the solution provides clients with exclusive access to enhanced coverage relating to proof of loss reporting and cyber crime, broadened cover for regulatory defence, fines and penalties, and complementary risk management and cyber incident management services.
As part of the solution, clients are offered the option of completing a simplified question set linked to Marsh’s unique Cyber Self-Assessment tool or more detailed versions of the tool that unlock access to Marsh’s advanced analytics and help improve their risk profiles. Clients can also opt in to additional risk management and loss prevention services such as vulnerability scanning and crisis simulations. These services can be included within the premium or, in some cases, be provided as a bursary by the insurers.
According to Marsh’s 2023 UK Business Risk Report, which surveyed the business risk landscape with views of over UK 2,000 businesses, one in five respondents viewed cyber risk as their top concern this year. Following several high-profile data extortion and ransomware attacks in the first half of 2024 – and the impact of the global IT outage experienced in July – this trend is expected to be repeated in Marsh’s latest report, which is published next month.
Commenting on the launch, Alistair Fraser, CEO, Commercial & Corporate, Marsh, said: “While improving their cyber security controls is a key priority for UK mid-market companies, it is increasingly challenging to stay ahead of rapidly evolving threats, especially those from often sophisticated criminal networks. By supporting clients in assessing their resilience, and making informed decisions around risk mitigation and risk transfer through insurance, this solution is designed to instill much-needed confidence in the businesses that make up the backbone of the UK economy.”
Serena France-Hayhurst, UK Cyber Placement Leader, Marsh, added: “Mid-market companies in the UK are increasingly targeted by cyber criminals due to their potentially less robust defenses and valuable data. These criminals view these businesses as softer targets, offering a high reward with relatively less risk. To address this growing vulnerability, our cyber insurance and risk management solution will help UK mid-market businesses protect their balance sheets and mitigate the financial and operational impact of cyber attacks.”
