Onda, a Lloyd’s-backed cyber MGA, has unveiled Onda X, a new cyber insurance product tailored for mid-market firms across the UK and France. Targeting companies with annual revenues between £100 million and £1 billion, Onda X offers primary and excess coverage limits up to £5 million to protect against cybercrime. As noted in the press releases announcing the new product, the UK Government reports that less than half (43%) of companies there have cyber insurance. Given the cybersecurity landscape and the need for cyber resilience, the demand for this product seems clear.
Onda X – Enhanced Coverage and Simplified Process
Onda X aims to streamline cyber insurance placement by eliminating technical question sets and extensive form-filling requirements. This innovation allows brokers to secure coverage for clients swiftly.
Escalating Cyber Threats
Recent data from Onda highlights a 40% surge in new cybercrime initiatives and collaborations in 2024. Additionally, the number of companies publicly named by threat actors rose by 35% compared to the previous year. The first two months of 2025 alone witnessed a 64% increase in monthly victims reported.
Onda X – Technology Integration
Onda’s product, Navigator, is a risk engine that assesses network security. This tool utilizes real-time threat intelligence, external attack surface analysis, and data from platforms like AWS and Microsoft Azure to enhance cyber security strategies.
Chief Underwriting Officer’s Perspective
Alex Jomaa, Chief Underwriting Officer at Onda, said of Onda X, “Our aim is to make it easier for brokers to provide clients with access to insurance without getting bogged down with lengthy exchanges between underwriters, brokers, and clients. The technology we’ve developed removes this friction, allowing brokers to secure coverage more swiftly and with less hassle. We are very excited to present this simplifying product to the market.”
Other News: Coalition Finds U.K. Cyber Insurance Lacking, Mid-Market Businesses Underwhelmed(Opens in a new browser tab)
