Economical enters cyber market with affordable angle

Published: August 7, 2017

Updated: July 24, 2018

Author: Luke Jones

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The cyber insurance market is growing and becoming an increasingly important sector. With organizations seeking protection from cyber-attacks, insurers have been creating policy solutions. The latest to enter the market is Ontario-based Economical Insurance.

In a press release, the company announced its cybersecurity coverage and says it is uniquely positioned as an affordable option. Specifically, Economical says it is targeting local businesses and helping them protect themselves from attack.

Called Expert Cyber, the solution provides protection against data breaches and malware attacks. Brenda Smythe, director of corporate underwriting, says Economical Insurance is well positioned to compete in the cyber insurance market:

“We believe our competitive advantage is its affordability,” she said. “We’re offering a broad array of limit options to suit businesses of all sizes — from $50,000, with options to purchase higher limits.”

It certainly helps that Economical wants to carve its own niche in a market that is becoming increasingly populated.

“We launched Expert Cyber to give our commercial customers an affordable and innovative cyber cover solution that will mitigate their loss and save their reputation,” she noted. “It will not only protect them after a breach, it will keep them running without interruption.

“Brokers don’t want their clients to learn how to manage a data breach after it has occurred. This affordable coverage will help their commercial clients respond in the hours and days that follow a breach so they can stay in business,” she said.

Among the policy’s benefits are response services and protection against first and third part data losses. Additionally, Expert Cyber covers expenses for professional services like legal support, and public relations.