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?
First Party Coverages*
To cover the expense of responding to cybercrime.
1. Data Compromise Response Expenses
2. Computer Attack
3. Cyber Extortion
4. Misdirected Payment Fraud
5. Computer Fraud
6. Telecommunications Fraud
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.
Third Party Coverages*
To cover legal costs if your clients get sued as a result of a cybercrime.
1. Privacy Incident Liability
2. Network Security Liability
3. Electronic Media Liability
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.
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.