Starling Bank, the UK’s mobile-based bank, has today added SME insurtech Digital Risks and cybersecurity platform CyberSmart to its business marketplace. The two new partners are part of Starling’s strategy to expand its Marketplace in order to provide business customers with the tools they need to set up and grow their operations. Accessible from within the Starling app, the two complementary products will allow customers to manage more of their business admin from one place.
Digital Risks is the first insurance provider to offer insurance targeted to meet the needs of small and medium-sized digital businesses and the new and emerging threats they face. They offer wide ranging cover including commercial legal protection, cyber security, management liability, employers liability, public liability and professional indemnity.
“Small businesses are subject to up to 10,000 cyber-attacks per day, so it is vital that they are properly insured and have robust digital protection.”
The partnership means that Starling’s 65,000 business account holders will be able to purchase tailored insurance cover in minutes, directly from their smart-phone, with a flexible monthly subscription model that can be changed or cancelled at any time at no extra cost. For those Starling customers who choose to purchase a product from Digital Risks, they will be able to keep track of their policy dates from within their Starling app.
CyberSmart uses technology to identify digital weaknesses of businesses in less than 60 seconds, recommends fixes and helps companies manage these through a simple online dashboard. CyberSmart will make it quick and easy for Starling customers to achieve their Cyber Essentials Certification, the government backed accreditation that helps guard against the most common cyber threats and reduce company risk by at least 80%. The platform also allows businesses to ensure that they are fully GDPR compliant.
Anne Boden, Founder and CEO of Starling Bank, said: “Having started a digital business I know the unique and ever-changing challenges you face first hand. These new partnerships will make it quicker and easier for our clients to ensure they have both the insurance cover they need and the vital cyber security systems in place. Small businesses are subject to up to 10,000 cyber-attacks per day, so it is vital that they are properly insured and have robust digital protection.
By working with Digital Risks and CyberSmart, our business customers will be able to focus on growing their businesses knowing that their insurance and cyber security needs have been taken care of.”