HARTFORD, Conn.--(BUSINESS WIRE)--HSB Cyber Suite, a comprehensive cyber insurance coverage designed for small to mid-sized businesses and other organizations, has been introduced by The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re.
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.
“Hackers and other cyber criminals can attack a business in many ways that make small to mid-sized companies vulnerable,” said Timothy Zeilman, HSB vice president. “Cyber risk is like a ‘hydra,’ the mythical multi-headed snake: cut off one head and you’re confronted with new ones.”
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 (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management that set the standard for excellence worldwide. We focus on clients and partner with them to craft inventive insurance and service solutions to cover existing and emerging risks posed by technological change. Today, as throughout our 150 year history, our mission is to use our engineering knowledge and insights to help clients prevent loss, advance sustainable use of energy resources and build deeper relationships that benefit business, industry, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2016, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €2.6bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in ERGO, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2016, ERGO posted premium income of €16.0bn. Munich Re’s global investments (excluding insurance-related investments) amounting to €219bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.