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Start-up Edmund opens with SME cyber cover

Insurtech Edmund began commercial operations last week and launched a digital cyber cover for SMEs.

The cyber insurance is underwritten by Lloyd’s Munich Re Syndicate.

“Edmund is a dedicated cyber-insurance specialist and has developed a simple and smart way for SMEs to protect their business and its reputation,” founder Richard Smith said.

“We continue to see growth in threats such as ransomware and malware attacks in Australia and there are a number of security measures businesses should have in place to protect themselves. Edmund was developed to fill the vacuum that existed in the Australian market for customer-focused cyber insurance.”

The insurtech says it takes less than 10 minutes to buy a comprehensive cyber-protection plan.

The product is pitched at SMEs with annual revenues of up to $20 million, a spokesman for Edmund told insuranceNEWS.com.au.