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Cyber Suite

Cyber insurance for small to mid-sized businesses

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?

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

1. Data Compromise Response Expenses

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.

2. Computer Attack

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.

3. Cyber Extortion

Covers insureds’ negotiator or investigator costs and payments for eliminating ransomware or extortion threat.

4. Misdirected Payment Fraud

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.

5. Computer Fraud

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.

6. Telecommunications Fraud

Covers payments owed to a telephone service provider, resulting from a fraudulent charge caused by an unauthorized access to the insured’s telecommunications system.

7. Identity Recovery

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.

1. Privacy Incident Liability

Pays costs (within limits) to defend against lawsuits by affected individuals or judgements brought by provincial or regulatory agencies.

2. Network Security Liability

Covers insureds’ settlement and defense costs for suits alleging an insured’s computer security negligence.

3. Electronic Media Liability

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?

Contact us