Cyber Insurance
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Cyber Insurance

A computer, data and cyber insurance policy all in one; providing comprehensive cover for small and medium-sized businesses across the UK and Ireland.

Broker/agent trading options

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Delegated authority/reinsurance solutions

The frequency of data breaches - the theft, loss or mistaken release of private information - is on the rise. But data breaches aren’t just a big business problem; small and medium-sized businesses with fewer data security resources are particularly vulnerable.

Whilst data losses for SMEs may not make the headlines, the potential financial cost and reputational impact of a cyber incident can be crippling.

As all businesses could be at risk from a cyber attack or data breach by hackers, viruses or errant employees, having specific insurance coverage in place to mitigate a cyber event can reduce its impact on a business from a financial, reputational and business interruption perspective.

HSB Cyber Insurance
An Overview
59%
of medium-sized UK businesses
have identified cyber security breaches or attacks in the last 12 months*
48%
of small UK businesses
have identified cyber security breaches or attacks in the last 12 months*

Our Response

HSB Cyber Insurance: a computer, data and cyber insurance policy all in one; providing comprehensive cover for SMEs. Our policy is designed to offer protection from cyber risks which could be damaging to a business and its reputation, such as data recovery following a hardware failure or full scale data breach.

Key considerations for businesses when choosing cyber insurance are whether the policy provides:

  • Cover for the costs of dealing with data breaches
  • Cover for the costs of dealing with cyber liability claims
  • Cover for business losses from a cyber event
  • Cover that helps businesses deal with the impact of cyber crime
  • Cover for hardware and data corruption
  • Access to expert advice and support (e.g. IT, legal, forensic and media relations) when an incident occurs

Our product provides six sections of cover:

  • Hardware
  • Data corruption and extra costs
  • Cyber crime
  • Cyber liability
  • Data-breach expense
  • Cyber event – loss of business income

Why Buy HSB Cyber Insurance?

  • Cover designed specifically for small to medium-sized businesses
  • Cover provides protection for a range of first and third party exposures and offers broad cover at a competitive price
  • Virus, hacking or denial of service attack is not excluded as an act of terrorism
  • Full claims support provided by HSB following an incident
  • Cover will pay for professional support (e.g. IT, legal, forensic and media relations) to help businesses who are the victim of cyber crime with the threat of damage to their computer system by virus, hacking or disclosing of data
  • Clear and easy to understand policy wording
  • Insurer with international experience and expertise in computer and cyber insurance

Claims Examples

A haulage company chased a customer for late payment of an invoice. The customer advised that they'd received an email from the haulage company with amended bank details and had already made three separate payments over £100,000 to settle the account. Investigations determined a breach had occurred, most likely from a phishing email.

Claim: £18,001

A food-packaging manufacturer fell victim to a hacker. They gained access to the manufacturer’s systems and elevated their network privileges to allow the execution of destructive code; resulting in permanent damage to several systems, key databases, and the erasure of a backup tape. HSB's cyber policy covered the costs of an IT support provider to rebuilt their damaged servers.

Claim: £9,501

A charity's computer system was compromised by a ransomware attack, affecting several servers. Forensic IT investigators were instructed to assist the charity's IT support company in creating a 'clean domain' for the servers to move over to, in addition to the server rebuilds from backups.

Claim: £5,501

Why Choose HSB?

  • Leading specialist provider of engineering and technology insurance and inspection services in the UK and Ireland
  • Winner of the 2021 British Insurance Awards 'Specialist Insurance Company of the Year' award
  • UK-based arm of HSB Group, the equipment breakdown insurance and inspection market leader since 1866
  • Part of Munich Re, a world leader in risk solutions, consistent risk management and financial stability
  • Financially strong and stable – rated A++ (Superior) by A.M. Best Company
  • A member of the Institute of Customer Service, demonstrating our commitment to continually improving customer service performance and professionalism
* Cyber Security Breaches Survey 2022 - Department for Digital, Culture, Media & Sport

Contact Us

For more information, speak to your insurance broker, your usual HSB contact,  or contact your local HSB office.

HSB and the Prince of Wales' Business Emergency Resilience Group (BERG)

BERG is part of Business in the Community, the Prince's Responsible Business Network. HSB is part of BERG's cyber risks committee, where we collaborate with other large corporations to both educate and provide practical solutions to UK SMEs on ways of improving their cyber resilience.