Small businesses are increasingly targeted by cyberattacks, accounting for 43% of incidents annually, with nearly half involving businesses with fewer than 1,000 employees. This trend has only intensified in the past year as more small businesses transition to cloud services and advanced technologies, increasing their vulnerability. That makes every new product designed to protect small and medium-sized enterprises (SMEs) worth a look.
Concierge Cyber has expanded its membership benefits by embedding $100,000 in cyber insurance for eligible SMEs. Announced on October 2, 2024, the new Concierge Cyber Insure program offers comprehensive admitted cyber insurance coverage as part of its membership. This enhancement targets organizations with revenues up to $25 million, subject to underwriting approval.
The coverage includes a range of property and liability cyber risks, such as event response, data recovery, and optional sublimits for reputational harm, system failure, and cyber extortion. Eligible members also gain access to experienced claims advocates who will assist in maximizing insurance recovery and reviewing third-party contracts to ensure comprehensive protection.
“Seamless Process”
Kurtis Suhs, CEO of Concierge Cyber, highlighted the value of this enhancement: “We are thrilled to offer embedded cyber insurance with Concierge Cyber Insure membership. This inclusion significantly enhances the customer experience by providing coverage from the start, integrating risk management and insurance in a seamless process.”
Concierge Cyber has been a resource for SMEs for over six years, providing cyber incident response strategies. The new insurance feature aims to further mitigate financial risks associated with cyberattacks, creating a more secure environment for member organizations.
The enhanced offering is available to over 650 authorized insurance and non-insurance partners across the United States. Members will also continue to benefit from significant discounts on cyber risk management products and services through Concierge Cyber’s network of credentialed providers.
Other News: Howden Launches New Platform to Simplify Cyber Insurance for Small Businesses(Opens in a new browser tab)
Other News: UK reveals father and son at heart of Evil Corp hackers.