Generali launches corporate cyber insurance services

ROME (Reuters) - Generali, Accenture and Vodafone have created a package of cyber security services to help the insurer's corporate clients to detect, react and recover from cyber threats and incidents.

Cyber security has been an increasingly critical issue for companies and financial institutions, including small and medium-sized enterprises, as attacks have increased in terms of numbers and impact.

They have increased further as many companies have shifted towards hybrid work models during the COVID-19 pandemic.

The governor of the Bank of Italy in October warned that financial institutions were more exposed to such risks, with cyber attacks on European banks increasing by 54% this year, and called for greater care in monitoring and managing them.

Generali's new services will be offered globally, starting in Europe at the beginning of 2022.

They include cyber risk assessment, simulations of phishing attacks and learning programmes to strengthen clients' ability to prevent attacks but also to restore normal operations and minimise the consequences after an attack.

"Technology, consumer needs and cyber risks evolve rapidly, and the insurance industry must accelerate to embrace new digital opportunities and respond to increasing cybersecurity needs," Generali Group Chief Transformation Officer Bruno Scaroni said in a statement.

(Reporting by Giulia Segreti; Editing by David Goodman)