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Upcover cyber insurance for SMEs launched, following Optus breach

Upcover has launched cyber security insurance for small businesses in the wake of the cyber attack on Optus and the upcoming Cyber Security Awareness Month in October.

user iconReporter
Mon, 03 Oct 2022
Upcover cyber insurance for SMEs launched, following Optus breach
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Upcover is aiming at servicing Australian small and medium enterprises (SMEs) through the recent launch of Cyber and Privacy Liability Insurance.

According to Skye Theodorou, CEO and co-founder of Upcover, the company is designed to serve up quick, uncomplicated, jargon-free insurance to small business owners.

"It’s estimated Australian businesses lose approximately $300 million per year to cyber crime.

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"There are a number of ways SMEs can limit the potential impact of these crimes, but many aren’t aware that they can actually purchase a cyber insurance product to also help financially protect their business if a cyber crime does take place.

"There is big interest from Aussie SMEs for protection and risk management tools and we’re making it easier for them to access insurance products without having to jump through hoops or wade through overcomplicated terms," Theodorou said.

By using a single insurance API, Upcover provides quotes by asking just two questions, its design aimed at being the fastest insurance for small businesses — its main claim as a differentiator in the market.

Across the board, cyber insurance uptake is relatively slow among SMEs, but Upcover has seen a lot of interest since launching its first cyber insurance product, showing business owners are looking for new ways to protect themselves against the increasing threat of cyber crime.

Upcover has also recently launched its pay-by-the-month capabilities which is aimed at allowing customers instant access to affordable cover, without the burden of annual payments.

Anish Sinha, Upcover’s co-founder and chief operating officer said, "We’ve been working hard over the last eight months to build the tech required to implement monthly payment options in-house because we know this is important to our customers.

"We know that times are tough for all business owners right now, the last thing we want is someone not protecting themselves or their business because they can’t afford the annual insurance premiums upfront.

[Related: AFP launches Operation Guardian to protect victims of Optus hack]

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