SMEs can be insured against cybercrime

News article
Article tags:
  • Detecting Financial Crime
  • Products and services

Starting today, SME (small and medium-sized enterprises) can be insured against cybercrime. ABN AMRO and insurance company Hiscox are introducing an ‘online security package’, the first of its kind. The package offers antivirus software designed to prevent cybercrime. Should there ever be an incident, the insurance will cover the losses incurred and provide aftercare.

More and more SMEs areconducting their financial affairs online. As a result, there is a growing awareness of the importance of computer and IT system security. Some entrepreneurs prefer to take care of this themselves. For those who wish to outsource this work, ABN AMRO has partnered with Hiscox to develop an online security package. The package includes antivirus software and insurance that covers losses in case of an incident.

Bank responsible for secure online banking

Leonie Kemper, Business DevelopmentManager at ABN AMRO: "We guarantee secure online banking at all times. The bank, however, has no influence on the computers and systems used by entrepreneurs. The package’s antivirus software allows entrepreneurs to secure their environment. If an incident does occur, the insurance offers entrepreneurs peace of mind, knowing that losses will be covered and that they will be supported during the recovery process.”

First of its kind in Europe

Yasin Chalabi, manager of ProfessionalInsurance at Hiscox: "More and more companies and organisations working with private information or online transactions are the target of cyber-attacks. These attacks are not only aimed at large companies; they target small companies as well. It’s these smaller companies that often need advice on and support with cybersecurity. We are responding to this need with our online security package for SMEs. It’s the first of its kind in Europe, and we’re proud of that.”

Compensation for losses and aftercare

The security package, withantivirus software developed by Eset, is available exclusively to small business clients of ABN AMRO. It’s aimed at preventing online fraud and can be purchased starting at EUR 18.33 per month (not including insurance premium tax and a one-time EUR 5 policy fee). This covers up to EUR 3,500 for direct financial losses. Other forms of online fraud are supported in all aftercare, including related costs of up to EUR 25,000.

Good security should not be underestimated

Recent figures and researchshow good security should not be underestimated. In 2012, for example, 40% of all entrepreneurs were victims of online fraud. Some 23,000 new viruses are developed every day, a fact of which SMEs are becoming increasingly aware: around 80% of entrepreneurs acknowledge the need for effective computer security.