Munich Re member firm The Hartford Steam Boiler, has expanded its cyber offer with the launch of a comprehensive cyber insurance cover designed for mid-sized businesses, HSB Cyber Suite.
HSB Cyber Suite combines a range of cyber insurance covers and services for data breach, identity theft and cyber attacks, including malware, viruses, ransomware, cyber extortion and social engineering schemes for small to mid-sized enterprises, which may lack the resources or experience to prevent and manage a cyber incident.
“Hackers and other cyber criminals can attack a business in many ways that make small to mid-sized companies vulnerable,” said Timothy Zeilman, HSB vice president; “cyber risk is like a ‘hydra,’ the mythical multi-headed snake: cut off one head and you’re confronted with new ones.”
HSB said a survey showed over half of U.S. businesses experienced a cyber attack in the past year, costing 38% of cyber victims over $50,000.
The survey also found that 86% of businesses store personally identifying or personal health information electronically, making them targets for cyber criminals and exposing businesses to data loss from stolen or lost laptops, USB drives, or other devices.
HSB Cyber Suite is available as a turnkey reinsurance program through HSB insurance partner insurers.
In addition to insurance cyber defense and services, HSB’s new product covers costs and payments resulting from lawsuits over compromised data, network security, and electronic media liability.
