Specialist global insurer Hiscox has launched a Security Incident Response (SIR) policy designed to provide clients with crisis management services.
“SIR will enable organizations to fulfil their duty of care obligations to protect people, operations, shareholder value and long-term brand and reputation,” the company said in a statement.
The SIR policy indemnifies against a broad range of perils including: criminal risks; political risks; terrorism and political violence risks; information risks; and kidnap, detention and extortion risks. It equips organizations with the best available incident response, crisis management, strategic advice and recovery, thanks to Hiscox’s exclusive partnership with leading global risk consultancy Control Risks, which has over 40 years’ experience in the field.
The cover pays for 60 days of Control Risks’ response activities and a portion of every premium goes toward improving a client’s resilience against such threats, according to a Hiscox representative. (Financial losses from risks such as business interruption would be covered separately under terrorism and political violence policies.)
The SIR policy covers all of Control Risks’ activities to help clients manage an incident, including the deployment of response consultants and appropriate technical experts, post-incident reporting and remediation to ensure a smooth transition back to business as usual.
Charlie Hanbury, director at Hiscox Special Risks, said: “There is growing demand among clients and brokers for a comprehensive corporate security insurance offering, beyond what has traditionally been available, and we are pleased to bring this product to the market. Not only does our SIR policy remove the financial volatility associated with engaging security consultants, it also acts as a virtual security department to respond to complex security-related issues worldwide – giving clients total peace of mind.”
Richard Fenning, chief executive officer at Control Risks, said: “Today, as never before, businesses face a multitude of complexities and increasing strategic uncertainty. The reality is – risk is everywhere – the distinction between safe home markets and dangerous foreign ones has become marginal as risks increasingly come home through political, regulatory, cyber and terrorism threats. Recognizing this, we are delighted to be extending our relationship with Hiscox…to provide crisis support to organizations across this broad range of potential threats.”
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