Upcover and Coalition Launch Digital Cyber Insurance Solutions for Small and Medium-Sized Businesses (SMBs)

Upcover has partnered with Coalition to launch a new digital platform that offers cyber insurance specifically tailored for small and medium-sized businesses (SMBs) and startups in Australia. This self-serve digital insurance platform aims to streamline the process of obtaining cyber insurance, reducing the typical policy acquisition timeframe from weeks or months to mere minutes. This initiative comes in response to research indicating that many Australian SMBs are underinvesting in cybersecurity, which increases their vulnerability to data breaches and cyber attacks. A recent Business NSW survey revealed that 22 per cent of small businesses and 15 per cent of medium businesses plan to cut their cybersecurity management spending. Furthermore, data from the Insurance Council of Australia shows that only up to 20 per cent of SMBs currently hold cyber insurance. Coalition’s research indicates that 64 per cent of SMBs believe they are too small to be targeted by cyber criminals.

The digital insurance platform will particularly focus on simplifying the acquisition and management of cyber insurance for industries that handle sensitive information, such as Financial Services and Allied Health. Skye Theodorou, Co-Founder and Chief Executive Officer of Upcover, emphasised the importance of making cyber insurance more accessible for Australian businesses, stating that cybersecurity remains a significant risk that is not going away. Theodorou noted that this partnership builds on Upcover’s existing cybersecurity offerings by automating a traditionally manual process, which often involves extensive back-and-forth communication and can take months to complete. This automation allows Upcover’s specialty lines broking team to secure high-limit cyber insurance for businesses in collaboration with leading insurance partners. Trent Nihill, Head of Underwriting at Coalition Australia, highlighted that Upcover’s digital-first insurance distribution platform aims to protect the unprotected, as many small and medium businesses in Australia still do not purchase cyber insurance. 

Categories: Cyber Insurance, Digital Platforms, Small and Medium Businesses 

Tags: Partnership, Cyber Insurance, Small Businesses, Medium Businesses, Digital Platform, Cybersecurity, Data Breaches, Sensitive Information, Insurance Coverage, Risk Management