Amwins, a global distributor of specialty insurance products and services, has announced the launch of Cyber+, an exclusive proprietary cyber insurance product designed for small and medium-sized enterprises (SMEs).
The launch comes in response to increasing cyber threats and frustrations faced by SMEs, including confusing policy terms, misunderstood coverage limitations, and inadequate fraud protection, highlighting a need for enhanced and transparent cyber insurance solutions.
Cyber+ is specifically designed to offer SME businesses enhanced protection in a rapidly evolving digital landscape.
The product includes $500,000 coverage for social engineering and invoice manipulation fraud with enhanced wording, breach costs primary to other insurance, breach costs outside the limit (up to $4m) plus $1m additional defence costs outside policy limits, full-limit hardware bricking/replacement coverage, and “pay on behalf” event management and extortion expenses.
Cyber+ integrates services from Upfort Shield, an industry-leading cyber security suite, and breach response services through Mullen Coughlin, a top cyber security law firm.
Upfort Shield offers enterprise-grade protections including employee cyber training, browser firewall extensions, inbox threat detection, and other proactive tools, helping organisations reduce risk and operate with confidence.
Amwins Cyber+ is exclusively available for new business through Amwins IQ, the company’s online marketplace that provides access to firm, bindable quotes within minutes, streamlining the insurance process for brokers and clients alike.
“With the uptick in social engineering activity over the last couple of years, we’ve seen a number of social engineering and invoice manipulation policy restrictions cause insureds pain at the time of loss,” Amwins executive vice president Matt Donovan said. “By removing the common nuisance policy restrictions and offering a sublimit double the market standard, we hope to give our retail clients and their insureds confidence in an area that they’ve increasingly experienced frustration in the cyber marketplace.”
“We’re delivering a product that not only addresses today’s challenges but also anticipates tomorrow’s risks,” Amwins executive vice president John Grise said. “This launch underscores our ability to innovate and lead in a space where stability, foresight, and efficiency matter most.”
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