1 min read: INSURANCE INFLUENCERS – RICHARD FINAN
Forging ahead to meet customers’ ever-changing needs The ancillary market has traditionally lagged behind...
Arc Legal Assistance (Arc Legal) has expanded its distribution partnership with the UK MGA and assistance specialist Lorega, by offering its Cyber Recovery product; which helps SMEs survive a data breach following a cyber-attack
Arc Legal’s clients are able to offer their SME customers, with a turnover of £5m or less, the product branded Cyber Support which provides 24 hour access to expert advice following a security breach involving personal data. The insurance covers the cost of forensic and technical services to investigate and restore systems and helps the SME communicate with regulators and customers. Cover is also provided for the cost of certain financial damages, penalties and fines.
Neill Johnstone, Lorega’s managing director, said: “In a Lorega survey of SME businesses in the UK*, we found that one in three had experienced a cyber-attack that resulted in damage to their business and customer data, and nearly 60% were concerned about the risks a breach posed to their firm. Arc Legal’s Cyber Support helps SMEs get back up and trading after a breach, by helping to reduce exposure to financial losses and limiting commercial and reputational damage.”
Richard Finan, Director of Arc Legal, said: “The extension of the distribution partnership with Lorega is all about offering our partners relevant and valuable assistance services, focused on improving customer outcomes. Data breaches are no longer the domain of large businesses so being able to offer SMEs access to this level of support, when they need it most, is clearly aligned with our product development strategy.”
Cyber Support is the latest addition to Arc Legal’s expanded portfolio of assistance services being developed for its insurer, broker and corporate partners alongside its Legal Expenses Insurance and other products. Arc Legal already offers its partners access to ‘Lorega’s ‘10’ and Loss Recovery Insurance’ products for SME businesses and homeowners.