Onda Expands Cyber Insurance Offerings with Onda X
Lloyds-backed cyber Managing General Agent (MGA) Onda has announced the launch of Onda X, a new cyber insurance product tailored for mid-market companies in the UK and France. This expansion builds upon Onda’s successful track record in the SME sector.
Onda X provides both primary and excess coverage, with limits up to £5 million, catering to businesses with annual revenues ranging from £100 million to £1 billion. The new product aims to simplify the often-complex cyber insurance placement process, removing the need for extensive technical questionnaires and form-filling. This streamlined approach allows brokers to secure coverage efficiently for their clients.
Escalating Cyber Threats
Onda’s threat data reveals a significant increase in cybercrime activity. In 2024, there was a rise of over 40% in new cybercrime groups, initiatives, collaborations, and services. Moreover, companies publicly identified by threat actors increased by 35% in 2024 compared to the previous year.
The trend continues into 2025, with a 64% increase in the number of published victims per month during the first two months, compared to the average monthly rate in 2024.
Cyber Insurance Adoption
The UK government reports that only 43% of companies in the UK currently have cyber insurance. Furthermore, only 7% of policyholders use specialist, standalone cyber policies, which often provide a more comprehensive level of coverage.
Technology-Driven Support
Onda emphasizes the importance of robust cybersecurity and cyber insurance, beginning with reliable data. Their risk engine assesses network security at a high level, integrating three key factors:
- Navigator by Onda data
- External attack surface analysis, including supply chain analysis
- Real-time threat intelligence
Navigator by Onda continuously collects information from networks, endpoints, and security systems. This tool assists companies in understanding vulnerabilities, preventing attacks, and improving their cybersecurity strategies and insurability. Navigator gathers and organizes security control data to verify proper implementation across digital infrastructure.
The aggregated data provides actionable insights into control performance issues that could increase the likelihood of a successful cyberattack, which translates into a measurable risk. Navigator’s capabilities enable companies to demonstrate their controls instead of relying solely on application form questionnaires. The tool integrates with various platforms, including AWS, Microsoft Azure & Defender, SentinelOne, and CrowdStrike, with more integrations planned.
Onda’s partnership with cybersecurity firm Panorays* enables its clients to assess vulnerabilities in their systems. Onda aims to supplement companies’ cybersecurity strategies, assisting them in preventing cybercrime and providing robust support if an incident occurs.
Simplified Cyber Insurance Process
With the rapid evolution of cyber threats, traditional underwriting methods, such as application forms, have become cumbersome. Onda X offers a more streamlined, friction-free experience for brokers. In a fraction of the time required for a traditional application, Onda’s approach provides a rapid and comprehensive view of a client’s insurability.
Alex Jomaa, Chief Underwriting Officer, explained, “Our aim is to make it easier for brokers to provide clients with access to insurance without getting bogged down with lengthy exchanges between underwriters, brokers, and clients. The technology we’ve developed removes this friction, allowing brokers to secure coverage more swiftly and with less hassle. We are very excited to present this simplifying product to the market.” Onda also continues to provide its value-added service with its exclusive technology, enabling clients to assess vulnerabilities in the systems they’re using.
