Digital Challenger Bank Starling Bank Adds Insurtech Digital Risks and Cybersecurity Platform CyberSmart to Marketplace

Starling Bank, a digital-only challenger bank, has added two new partners to its marketplace feature. According to a note from the bank, Starling is now offering access to SME Insurtech Digital Risks and cybersecurity platform CyberSmart. Both services are available to customers of Starling Bank in its business marketplace. Startling has taken a unique approach by partnering with diverse companies to offer a plethora of services for its bank customers. Accessible from the Starling app, the two services will allow customers to manage more of their business admin from one place.

Digital Risks offers coverage of a wide-ranging list of risks such as commercial legal protection, cybersecurity, management liability, employers liability, public liability and professional indemnity. Starling states that business account holders can purchase tailored insurance in minutes. Coverage may be canceled at any time at no extra cost.

CyberSmart is said to use technology to identify digital weaknesses of businesses in less than 60 seconds and then recommends fixes. CyberSmart seeks to simplify the process for businesses to achieve their “Cyber Essentials Certification.” The platform also allows businesses to ensure that they are fully GDPR compliant.

Anne Boden, founder and CEO of Starling Bank, commented that by operating a digital business she understands the needs and 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 cybersecurity needs have been taken care of.”

Jamie Akhtar, co-founder of CyberSmart said that Starling Bank is shaking up the business banking world with their online business marketplace.

“This partnership will give tens of thousands of SMEs easy access to our services so that they can be better protected.”

Starling’s in-app Marketplace uses Open Banking requirements to give customers direct access to financial services and products. Starling has committed to launching 48 new partners on its business Marketplace by the end of 2023.

Starling is a Fintech business with a banking license and is fully regulated by the FCA and PRA.

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