In response to the growing demand for insurance solutions to cover cyber risks, HSB’s Cyber Insurance product provides computer, data and cyber risks cover in one policy. The new product will be sold through brokers and although principally aimed at businesses with a turnover of up to £10m, the cover is also applicable for medium-sized firms with turnover up to £50m.
With hardware (including portables) and data corruption cover included, HSB’s Cyber Insurance now includes cover in four additional areas:
• Data breach expense
• Cyber crime
• Cyber liability
• Cyber event – loss of business income
Stephen Morris, Chief Underwriting Officer, at HSB commented: “Many cyber policies can appear complicated, expensive and targeted at large businesses. Currently it is easier to buy £20m of cyber cover in the London market than £100k. With 74% of small businesses having experienced a security breach in the last 12 months, we recognised that there was a gap in the market for comprehensive cover aimed specifically at the small to medium-sized business.”
Whilst financial and data losses for small businesses may not make the headlines, the cost and reputational impact of an incident can be crippling. Firms such as accountants and lawyers might be perceived to hold more sensitive data, but all businesses could be at risk from a cyber attack or data breach, by hackers, viruses or errant employees.
Stephen Morris continued: “Viruses don’t care what size business you are, or where you are based. Hackers often target smaller firms, as they believe they are less likely to have robust cyber defences in place. Businesses want the reassurance that should they experience a cyber event or data breach they have the professional support they need to reduce any potential financial and reputational impact. At HSB we believe that cyber insurance cover should become standard for all businesses.”
HSB Cyber Insurance policy is available through local HSB offices.
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