Affinity Insurance
In the digital age, Small and Medium-sized Enterprises (SMEs) are increasingly reliant on technology for their operations. However, this dependence on digital platforms exposes them to a myriad of cyber threats. As such, there is a growing need for cyber insurance products tailored to the unique needs of SMEs.
Cyber threats are evolving at an unprecedented rate, with cybercriminals employing sophisticated methods to breach security systems. SMEs, often lacking the resources to invest heavily in cybersecurity, are particularly vulnerable. A single cyber-attack can result in significant financial losses, reputational damage, and operational disruption.
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An opportunity has emerged for businesses to offer cyber insurance as an add-on to the core product to SMEs. An affordable cyber insurance solution can serve as a safety net for SMEs, providing the financial support required in the event of a cyber incident. When bundled with coverage such as other ancillary products such as business interruption, a well thought out affinity package could serve as a ‘business-in-a-box' go to for SMEs.
Despite the clear benefits, many SMEs remain uninsured against cyber risks. This is partly due to a lack of awareness about the importance of cyber insurance. Additionally, traditional insurance products often do not adequately cover cyber risks, leaving a gap in the market for specialised cyber insurance products. As awareness of cyber threats grows, the demand for cyber insurance is set to rise. WTW Affinity can help develop innovative propositions for businesses tailored to the needs of SMEs that can be distributed alongside the core offering to create a more end-to-end/enhanced coverage for SMEs.
For details of the Affinity solutions and services available in your country, please speak with your local Affinity team contact.
