​NZ first as new cyber insurance platform targets Kiwi SMEs

Full disclosure insurance firm Frank Risk Management has launched a new dedicated cyber insurance website, Frankie, the first of its kind in New Zealand.

With cover underwritten by Delta Insurance New Zealand, the Frankie Cyber Insurance website aims to provide Kiwi small and medium-sized businesses with information, examples and the ability to acquire cyber liability insurance online.

Given that cyber loss is the fastest growing threat to organisations of all sizes, the Frankie website allows businesses to understand risks and impact on business, allowing SMEs to explore the costs of cyber insurance to ensure cyber experts and financial backing exists in the event of a breach.

“Cyber and technology related losses are a major threat to New Zealand business,” says Rene Swindley, Director, Frank Risk Management.

Swindley believes that Kiwi business owners are too relaxed about cyber risk and that it often takes a costly lesson before SME’s realise the impact on their operation.

“This attitude can result in dire situations such as the business being unable to access its mission critical software or client data,” Swindley adds.

“Having good cyber risk management procedures in place joint with the safety-net provided by cyber insurance cover is a relatively simple task but one mostly ignored by the SME sector.”

According to Swindley, most small businesses in New Zealand only see their insurance provider on an annual basis.

Rather than waiting for their own insurance providers to catch up with this major business risk, Swindley says Frankie allows SMEs easy online access to insurance and information around the risks of cyber incidents.

“All New Zealand companies, especially SMEs, should be taking Cyber Risk and Cyber Risk Management seriously,” adds Ian Pollard, Managing Director of Delta Insurance.

“It’s not just big businesses who are victims of cybercrime, cyber-attacks or privacy breaches; more significant to the New Zealand economy is that smaller businesses are often more vulnerable due to their lack of appropriate risk management strategies.”