CGU Insurance today announced it has introduced a new cyber product into the Australian
market. The company believes the new offering will help mitigate against the rising number
of cyber attacks that undermine businesses and threaten livelihoods.
Developed with a focus on SME customers, CGU Cyber Defence helps to protect
businesses from cyber incidents such as privacy breach, system damage, extortion,
computer virus, crime and hacking.
CGU National Underwriting Manager Professional Risks Najibi Bisso said cyber coverage is
an absolute must have for all businesses that have a digital presence.
“Cyber security has become one of the biggest issues facing businesses and individuals
today and it’s not going away. At CGU, we’re in the business of helping partners and
customers to mitigate risk so that they can grow and succeed. That’s why we’ve developed a
new product that provides broader cover than our competitors and has an all encompassing
cyber incident response service,” she said.
“We have developed an offering that we believe addresses the growing concerns SME’s will
face in the future. The product itself is offered standalone as well as an extension to existing
policies. We’ve also partnered with Norton Rose Fulbright to offer a cyber incident response
team to support customers when an incident occurs.
“We are also working with our partners to help them educate SME’s on the importance of
cyber security by providing a range of tools that partners can access online through the CGU
cyber microsite. This is a great way for everyone to keep up to date with the latest
information on cyber risks and trends as well as access to an array of claims examples,” Ms
Scott and Broad CEO Mike Burgess, whose major client has a CGU Cyber Defence policy,
said he was extremely impressed with the product and service offering.
“CGU was a natural choice for us when we were looking for cyber risk support for our clients.
For this type of risk, you need a large insurer who has the capacity to pay these types of
claims and launch a response when the cyber event occurs,” he said.
“CGU were excellent because they asked us a number of questions about cyber which we
were not aware of. They really pushed us and the client to go further in trying to understand
cyber risk exposure. It was easy sitting down with them because they already had a very
deep knowledge of the customer and their behaviours.”
“I think we’ll be doing business for many years with CGU,” Mr Burgess said.
CGU’s Cyber Defence product includes a wide range of features including free cyber
consultation to assess risk mitigation strategies, 24/7 incident response team, advancement
of defence costs and a breach coach who can help businesses understand what they need
to do to minimise their risk and protect their businesses.