Munich Re's HSB expands cyber cover to tackle emerging risks

Munich Re-owned insurer HSB has expanded its cyber insurance and loss prevention services for small and mid-size businesses to boost its efforts in tackling new and emerging cyber crimes.

HSB Total Cyber will now include new coverages for computer attacks, data system upgrades, and system failures from unintentional computer outages.

The offering is available to US-based small and mid-size businesses through independent insurance agents and brokers, and helps pay the costs to prevent, investigate, defend and recover from cyber-attacks, extortion, fraud and other cyber-crimes.

The coverage also provides a range of free or discounted legal and technical loss prevention services, including consulting on cyber risks, cybersecurity improvements, employee training, and compliance resources to help meet contract and regulatory obligations.

“The loss of essential business information and systems can result in financial loss and even ruin,” said Timothy Zeilman, vice president for HSB, part of Munich Re. “Data security is critical, and every business should keep up with the latest protections for evolving cyber risks.”