Posted on 30 Apr 2013 by Neilson
HSB CyberOne, a new cyber risk insurance coverage for small businesses, was announced by The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, as it expands its suite of products and services designed to protect smaller commercial organizations from the growing threat of information security exposures.
"Cyber attacks are a serious problem for small businesses, which often have limited security and technical resources," said Greg Barats, president and chief executive officer of Hartford Steam Boiler. "We developed HSB CyberOneTM as a simple way for a business to help protect its computer systems. It's a logical extension of Hartford Steam Boiler's series of products for smaller businesses that cover identity theft, data breach and data risks from equipment breakdowns."
Computer viruses and other computer attacks can result in lost business income and expenses to restore systems and recover data. With a small business at significant risk of losing critical information that is essential for daily operations, damaging its reputation and potentially being exposed to costly itigation, more companies are purchasing cyber insurance.
HSB CyberOneTM provides broad coverage with limits up to $100,000 to protect the risks typical of small organizations. It helps policyholders recover from damage to systems caused by a computer attack and also provides defense and liability coverage for certain lawsuits that allege third-party damage resulting from a failure by the insured to adequately secure its own computer system.
Because other insurers add HSB CyberOneTM to a group of their small business policies, it's more affordable than products underwritten one policy at a time. It can be included as part of a business owners product (BOP) or a Commercial Multi-Peril (CMP) policy, making it convenient for customers and agents to access and easier for insurers to administer.