The Hague, 16th of March 2023 - Eye Underwriting is the first in Europe to make every organisation insurable for cyber incidents with a new insurance product. Their risk remains manageable by linking cyber insurance to the Eye Cyber Guard security solution. In doing so, Eye Underwriting goes right against the current trend where, due to the massive increase in cyber-attacks, many insurers consider the risk too great to continue insuring companies against damage caused by cyber incidents. "We are reversing the trend with our innovative insurance product."
Whereas Zurich, one of Europe's largest insurance companies, warned late last year that the huge increase in cyber-attacks is making the risk too significant for insurers to cover cybersecurity, Eye Underwriting is going straight against the grain. Eye's new insurance product stems from its successful partnership with international insurer Lloyds of London. By combining with Eye Security's preventive security measures, Eye Underwriting has the assurance that risks are mitigated. This allows the company to insure SMEs with a turnover of up to 250 within 48 hours. Eye Underwriting collaborates with strategically chosen partners to bring the insurance to the market.
"We are excited to offer our customers a new way to deal with cyber risk," says Arjan Halma, Managing Director at Eye Underwriting. "Our innovative data-driven insurance product has been created to help European companies protect themselves from the financial consequences of cyber-attacks and data breaches while offering them peace of mind."
Eye Cyber Insurance is currently only available in the Netherlands, with planned launches in Belgium and Germany soon. It will be distributed through Eye Underwriting’s network of partners.
Taking out cyber insurance is not easy for any organisation these days, let alone SMEs. After all, to provide sound insurance, an insurer needs to be able to do a risk assessment. This is only possible when there is an insight into internal systems. Good prevention constitutes the basis of a solid security policy. With cyber insurance, an organisation covers the rest of the risk.
"This is the reason we linked our insurance product to Eye Security's Cyber Guard, a comprehensive cybersecurity solution that proactively protects companies against attacks," says Halma. "That assures us as insurers that the risk is manageable." Both parts of Eye operate separately from each other. "So at the insurance branch, we don't get any substantive or sensitive client information from Eye Security."
About Eye Underwriting
Eye Underwriting, in partnership with Eye Security, is revolutionising the way SMEs in Europe protect their organisation against cyber threats. Insurance policies can be obtained within 48 hours, quickly providing SMEs with efficient coverage. With insurance capacity through Lloyds of London, Eye Underwriting can currently insure companies with a turnover of up to €250 million.
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