IAG battles against cyber threats with new underwriting agency

43% of cyber-attacks target small businesses in the country.

The Insurance Australia Group (IAG) has unveiled its specialist cyber underwriting unit ‘Cylo backed by CGU’, to magnify Australia’s cyber resiliency of small businesses, whilst providing insurance protection against cyber-attacks.

The Insurance Council of Australia (ICA) reports that only 20% of Australian SMEs have stand-alone cyber insurance, whilst cybercrime costs the Australian economy around $42b annually. 

Small businesses are the target of 43% of cyber-attacks, with each incident averaging a cost of $39,000.

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Targeting businesses with revenues up to $10m, this unique offering integrates cyber security within a cyber insurance policy, crucial for an environment with increasing cyber threats.

To deliver this comprehensive service, IAG has partnered with UpGuard and Crawford & Company. 

UpGuard will offer cyber risk monitoring to detect vulnerabilities early, minimising potential cyber-attacks. Crawford & Company will manage 24/7 incident response, cybersecurity intelligence, and claims management.