Markets/Coverages: HSB Launches Cyber Risk Solution for SMEs in UK and Ireland

Specialist engineering and technology insurer, HSB, has launched a cyber insurance and incident response solution specifically designed for micro and small businesses in the UK and Ireland with revenues of up to £10 million (US$13.5 million).

HSB CyberPro provides comprehensive coverage to protect against cyber risks, data breaches and IT system vulnerabilities. The policy also offers 24/7 assistance, 363 days a year through the provision of incident response services via a dedicated helpline. Should a suspected incident occur, cybersecurity experts will quickly respond and support businesses through containment, resolution, and recovery.

Cyber security awareness is rising amongst businesses, but according to recent research from HSB, significant preparedness gaps exist. In HSB’s survey of 600 UK SMEs, just over half (55%) admitted that they expect to experience a cyberattack in the next 12 months, with 84% anticipating a negative impact from operational disruption and lost revenue should one occur.

Despite this, only 31% of micro businesses have a documented incident response plan in place, and fewer than half (46%) have carried out staff cyber security training in the past year.

Micro SMEs may lack the financial resources and technical expertise to protect themselves in the event of a data breach or cyberattack, potentially leaving them exposed to high, unforeseen costs. HSB’s findings reveal that almost two-thirds (62%) would contact external technical experts first when seeking support for a suspected cyber incident.

“Cyberattacks are a constant threat for businesses of every size, but smaller organisations are particularly vulnerable to evolving threats and would most benefit from specialist technical support,” commented Mathew Prentice, cyber product leader at HSB UK & Ireland, in a statement.

“HSB CyberPro directly addresses this need by combining financial protection with direct access to cybersecurity experts, helping small businesses to respond effectively and recover with confidence in the event of a cyber incident,” he added.

HSB CyberPro is available to brokers to e-trade via the Acturis open market and HSB Fast Track solutions, supported by a dedicated team of technical underwriters.

HSB, part of Munich Re, is a specialist insurer and provider of inspection and risk management services. HSB’s insurance offerings in the UK and Ireland include construction, equipment breakdown, cyber and computer, and energy covers.

Source: HSB

Topics Cyber New Markets