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Cyber Suite

Cyber insurance for small to mid-sized businesses

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    Available through our insurer partners,
    HSB Cyber Suite offers a choice of seven coverages to provide multiple layers of insurance defense against complex, ever-evolving cyber risks.

    What is covered?

    A computer programmer looking through data
    © Getty Images

    First Party Coverages*
    To cover the expense of responding to cybercrime.

    Pays for forensic IT, breach notification, credit monitoring and case management services, legal counsel, PR services, reputational harm, reward payments, regulatory fines and penalties, and PCI assessments, fines and penalties.
    Pays for data restoration, data recreation and system restoration costs due to a computer attack that damages data and/or software; includes business interruption, PR services, reward payments, and future loss avoidance coverage for improvements to a computer system after a computer attack.
    Covers  insureds’ negotiator or investigator  costs and payments for eliminating  ransomware or extortion threat.
    Pays for direct financial loss in which the criminal convinced the insured or the insured’s financial institution to send or divert money, payment, or tangible property using email, fax, or telephone.
    Covers direct financial loss resulting from a cybercriminal who uses an unauthorized system to transfer money, securities, or other property from the insured’s premises or bank to another person or place.
    Covers payments owed to a telephone service provider, resulting from a fraudulent charge caused by an unauthorized access to the insured’s telecommunications system.

    Provides case management and reimburses expenses for out-of-pocket costs, legal expenses, lost wages, and child or elder care as a result of identity theft.

      

    *Within limits

    Third Party Coverages*
    To cover legal costs if your clients get sued as a result of a cybercrime.

    Pays costs (within limits) to defend against lawsuits by affected individuals or judgements brought by provincial or regulatory agencies.
    Covers insureds’ settlement and defense costs for suits alleging an insured’s computer security negligence.
    Covers insureds’  settlement and defense costs for  legal action alleging copyright  or trademark infringement,  defamation of a person or  organization, or violation of a  person’s right to privacy.
    *Within limits

    Cyber criminals employ a multitude of attack methods and new threats are constantly emerging.
    HSB Cyber Suite is a comprehensive cyber insurance program designed to provide protection from a wide range of cyber risks, tailor-made for small to mid-sized enterprises.

    Cyber criminals do target smaller and medium sized firms. In fact, nearly one in five  Canadian  small businesses  polled have been affected by  a  cyber attack  or data breach in the last two years  (IBC Leger poll 2019).

    Methods used by cyber criminals

      

    The cost of cyber risk events is  significant. 72 percent of the small to  mid-sized businesses that said they  were hacked spent $5,000 or more.  And 38 percent of those hacked  spent over $50,000 to respond.  An incident needs to  be investigated by a forensic IT  specialist; legal counsel is often  required; and notifications to clients  need to be sent swiftly. Victims of  cyber attacks will attest that often the  most expensive and time-consuming  part of the ordeal involves data  recovery and reconstruction. Plus,  typically once they’re aware of a  cyber event, businesses shut down  their systems, leaving them unable to  operate, interrupting their income.

    Interested in learning more?