Active Cyber Insurance for SMEs (Cylo backed by CGU)
Active Cyber Insurance for SMEs (Cylo backed by CGU) is a cyber insurance product underwritten by Cylo backed by CGU (IAG cyber MGA) (Insurance Australia Group Limited (IAG)), available in Australia. It is aimed at small and medium-sized businesses and mid-market companies. Coverage limits reach up to Bespoke.. Policyholders get 3 bundled proactive services — Vulnerability scanning, Incident response and Risk platform / portal — designed to reduce breach risk before a claim ever happens. The carrier holds an AM Best rating of A+ (Superior) – AM Best. It is distributed through insurance brokers.
Product Details§ 01
Advantages & Limitations§ 02
Advantages
- IAG's specialist cyber underwriting agency launched May 2024 — "secure and insure" model.
- Three-step model: Resist + Respond + Recover.
- Coverage: IT system recovery, data reconstruction, BI loss, ransomware/extortion, identity theft, GDPR/data breach notification, legal and PR costs.
- Target: businesses with annual turnover up to AUD $10M.
- Only 20% of Australian SMEs have standalone cyber insurance (market gap).
- IAG: Australia's largest general insurer (CGU, NRMA, RACV brands; ~$9B GWP 2024).
Limitations
- Australia domestic only.
Contact & Response§ 03
Frequently asked questions§ 04
+Who is Active Cyber Insurance for SMEs (Cylo backed by CGU) designed for?
Active Cyber Insurance for SMEs (Cylo backed by CGU) by Cylo backed by CGU (IAG cyber MGA) targets small and medium-sized businesses and mid-market companies in Australia. Geographic scope: Domestic only..
+What proactive security services are included with Active Cyber Insurance for SMEs (Cylo backed by CGU)?
The policy bundles 3 proactive services: Vulnerability scanning, Incident response and Risk platform / portal. These preventive services are typically included in the premium.
+Does Active Cyber Insurance for SMEs (Cylo backed by CGU) help with NIS2 or DORA compliance?
Cylo backed by CGU (IAG cyber MGA) indicates the following NIS2/DORA support for this product: Not applicable..
+How can I buy Active Cyber Insurance for SMEs (Cylo backed by CGU) in Australia?
Active Cyber Insurance for SMEs (Cylo backed by CGU) is sold through insurance brokers — broker contact: CGU-affiliated brokers only (https://www.cgu.com.au/broker/).. Compare it with alternatives in Australia on Ryskly before approaching a broker.