HSB Canada Introduces Cyber Coverage for Small Businesses

September 22, 2021

HSB Canada, part of Munich Re, has introduced HSB Cyber Suite, a comprehensive collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, and cyber extortion.

HSB Cyber Suite is a turnkey cyber reinsurance solution for property/casualty insurers, providing underwriting, marketing support, 24/7 claims service, and risk management. It is available through insurance carriers that partner with HSB Canada to add the coverage to their commercial policies.

“Small businesses face many challenges. As more commerce is conducted online, vulnerabilities to cyber risk have become heightened,” said Derrick Hughes, vice president for HSB Canada. “Cyber security is complex, but we want to make it easier for small businesses to get comprehensive protection against cyber risks.”

HSB Cyber Suite includes several optional coverage enhancements including:

  • Identity Recovery, providing case management services and financial resources to recover control of insureds’ identities after identity theft.
  • Business Income and Extra Expense coverage available during the period of restoration, in the event of a computer attack.
  • Electronic Media Liability for legal action alleging copyright, trademark, and other types of infringement, defamation, or other personal injury resulting from information displayed on a website.
  • Cyber Extortion, covering pre-approved negotiator or investigator costs and payments for eliminating ransomware or extortion threats.

Customers have access to the eRiskHub® cyber resources website, and HSB’s extensive network of leading cyber incident response vendors.

HSB Canada has more than 15 years of experience providing cyber coverage and services.

About HSB Canada

HSB Canada, a subsidiary of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and Internet of Things (IoT) technology services. HSB Canada’s insurance offerings include equipment breakdown, cyber risk and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change.

Source: HSB Canada

Topics Cyber Commercial Lines Business Insurance Canada Small Business

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