As Cyber Threats Evolve, So Must a Small Business’s Defenses

As Cyber Threats Evolve, So Must a Small Business’s Defenses

By: Danielle Librizzi, Head of Professional Liability and Financial Lines Programs, QBE North America

In today’s ever-changing digital world, businesses of all sizes face heightened cyber risks. Small businesses may be especially vulnerable, as the size and scope of a small company doesn’t always allow for a robust risk management team or cyber security program. In fact, while cyber threats have increased across the board for businesses of all sizes, smaller companies face more difficulty in responding and recovering, according to Verizon’s DBIR Report.

A cybersecurity incident can cost a small business anywhere from thousands to millions of dollars – and that number is only expected to rise over the next several years. To support its small business customers as cyber threats continue to evolve, QBE North America recently launched a specialized cyber insurance program with new MGA, Converge, acting as program administrator. The program is broken down into two separate distribution structures, each with a distinct revenue focus and cyber security data access formation:

  • ConvergeElements™ offers primary and excess cyber coverage through select agents and brokers for companies with up to $100 million in revenue. Converge’s proprietary technology platform allows it to ingest and collate data from applications, external system scans, underwriting and claims workspaces, insured/broker portals, analytics workspaces, and other specialized data sources to underwrite cyber risks swiftly and effectively.
  • ConvergeConnect™ offers primary cyber coverage through prequalified technology provider partnerships for companies with up to $750 million in revenue. These partners provide Converge with access to insured-specific behind-the-firewall security and underwriting data to provide best-in-class customer solutions leveraging unmatched insights on cybersecurity posture.

A cyber breach can seriously damage a small organization’s reputation, and in some cases, can impact a small company’s entire livelihood and future success. QBE North America’s partnership with Converge will allow the company to provide small businesses the best expertise and service to support the growing need for cyber protection. Click here for more information.