Vertical Markets

Insurance partner for cyber scheme

by Mark Rowe

Pen Underwriting has become the first insurance provider to partner with the Police Digital Security Centre (PDSC) on a new national certification scheme.

Developed by the PDSC, with BSI (British Standards Institution), ‘Digitally Aware’ certification is centred on an online assessment tool, which enables small businesses to test and improve how resilient they are to the most common types of cybercrime. A premium discount is available to UK SMEs who achieve the ‘Digitally Aware’ certification, and then buy cyber insurance from Pen Underwriting through their broker. The aim; to recognise firms who have invested in cybercrime awareness and shown commitment to taking cyber security seriously.

Simon Newman, Head of Cyber & Business Services at the PDSC, said: “We’re delighted to be partnering with Pen Underwriting as a specialist cyber insurance provider to UK SMEs. Their commitment to recognising and rewarding small businesses that can prove they are digitally aware will undoubtedly help drive take-up of this new scheme which ultimately works to make firms safer.

“We’ve developed this simple online assessment tool and certification scheme because it’s important small businesses regularly review their vulnerability to common types of cybercrime, understand their exposure to risk and put in place simple control measures to improve their own resilience. And having that enhanced resilience recognised when it comes to buying insurance will be welcomed by UK small businesses, who are already facing a very challenging time.”

Adrian Scott, Head of International & Financial Lines at Pen Underwriting, said: “This is a very timely and valuable police scheme that we’re proud to support. It’s in all our interests to help small businesses recognise their vulnerability to the fast-evolving risks of cybercrime and take steps to improve their resilience to what is now an omnipresent threat.

“Just as the insurance industry acknowledges actions policyholders take to alleviate the risk of flooding to their homes, or drivers who can demonstrate they are a better risk on the roads, so too should we look to encourage firms to reduce their risk of falling victim to costly cybercrime or attacks that can effectively stop their business from trading.”

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