Giant AIG wants to build a cyber risk business
Leveraging the Government’s cyber essentials guidance, insurance giant AIG is targeting UK SMEs with a cyber insurance product.
Citing increased visibility of cyber standards AIG is working with a broker and security company to grow its market.
The UK Government, through its Cyber Essentials Scheme, is encouraging all businesses to build cyber security into their companies by focusing on five critical security controls.
Working with security firm IASME AIG will offer its cover to firms that pass a self assessment test.
Raheila Nazir, Cyber, TMT Manager for the UK, AIG said: "Often smaller organisations are seen as a back door entry to large organisations by hacktivists, which is why strict contractual obligations are often stipulated. If an organisation can demonstrate they have assessed such risks and taken steps to mitigate them they can stay ahead of the sophisticated nature of cyber attacks which will reassure the organisations they want to do business with.
"There is, therefore, real value in SME’s complying with the Cyber Essentials requirements and attaining certification as it will improve IT security and offer added protection should they suffer a breach of IT security."
David Booth, Founding Director of IASME Consortium Ltd explains, "IASME came about because we could see no simple or inexpensive way for SMEs to improve their cyber security accompanied by nationally recognised certificate of assurance."