HSB launches new cyber insurance product

HSB Engineering Insurance has launched a new cyber insurance product aimed at small to medium-sized businesses (SMEs).

The product will offer computer, data and cyber risks coverage in one policy. The new product will be sold through brokers and although principally aimed at businesses with a turnover of up to £10 million, the cover is also applicable for medium-sized firms with turnover up to £50 million.

With hardware (including portables) and data corruption cover included, HSB’s cyber insurance now includes cover in four additional areas: data breach expense, cyber crime, cyber liability and cyber event – loss of business income.

Stephen Morris, chief underwriting officer, HSB, said: “Many cyber policies can appear complicated, expensive and targeted at large businesses. Currently it is easier to buy £20 million of cyber cover in the London market than £100,000.

“With 74 percent of small businesses having experienced a security breach in the last 12 months, we recognised that there was a gap in the market for comprehensive cover aimed specifically at the small to medium-sized business.”

“Viruses don’t care what size business you are, or where you are based. Hackers often target smaller firms, as they believe they are less likely to have robust cyber defences in place.

Morris said businesses want the reassurance that should they experience a cyber event or data breach they have the professional support they need to reduce any potential financial and reputational impact.

“At HSB we believe that cyber insurance cover should become standard for all businesses,” he said.

HSB cyber insurance policy is available through local HSB offices.