Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, has introduced HSB Cyber Suite, a comprehensive cyber insurance coverage designed for small to mid-sized businesses and other organizations.
Because there are multiple types of cyber risks, HSB Cyber Suite combines a range of cyber insurance coverages and services for data breach, identity theft and cyber attacks, including malware, viruses, ransomware, cyber extortion and social engineering schemes.
Half of U.S. businesses (53 percent) experienced a cyber attack in the past year, according to a study conducted by Zogby Analytics for HSB. Of those companies, 72 percent spent $5,000 or more to respond and 38 percent spent over $50,000.
The HSB survey also found that 86 percent of businesses store personally identifying or personal health information electronically, making them targets for cyber criminals and exposing the businesses to data loss from stolen or lost laptops, USB drives, or other devices.
HSB Cyber Suite provides insurance and hands-on case management for small to mid-sized enterprises, which may lack the resources or experience to prevent and manage a cyber incident.
In addition to insurance defense and services to respond to cyber attacks, HSB Cyber Suite covers costs and payments resulting from lawsuits over compromised data, network security, and electronic media liability, such as copyright infringement, defamation or privacy claims.
HSB Cyber Suite is available as a turnkey reinsurance program through HSB insurance partner insurers.
Hartford Steam Boiler is specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management.