- Enhancements for HSB Total Cyber™ Include:
- Payment for Losses from System Outages
- Improvements to Computer Systems Following a Cyber Attack
- Misdirected Payments Resulting from Computer Fraud
HSB Total Cyber™ Responds to Evolving Cyber Threats
HSB Total Cyber™, which provides cyber insurance and loss prevention services for small and mid-size businesses, has been expanded with new coverages for computer attacks, data system upgrades, and system failures from unintentional computer outages, HSB announced today.
As new cyber threats emerge, HSB Total Cyber™ coverage has been expanded with several new coverages, including:
- System Failure for business income loss resulting from unintentional computer system outages, not from a computer attack, lasting more than eight hours.
- Future Loss Avoidance for improvements to a customer’s computer system following an attack to help prevents future losses.
- Computer Fraud resulting in payments being misdirected
“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.”
Read More: Cybersecurity and Risks with Remote Working – Cyber Threats Are For Real
HSB Total Cyber,™ available to U.S.-based small and mid-size businesses through independent insurance agents and brokers, helps pay the costs to prevent, investigate, defend and recover from cyber-attacks, extortion, fraud and other cyber-crimes.
The coverage 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.
HSB Total Cyber™ claims service is provided by an experienced team and is strengthened by partnerships with industry-recognized legal, forensic and cybersecurity organizations, offering 24/7 response to cyber events such as data breach, identity theft and computer attacks.
Hartford Steam Boiler (HSB)
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information.
Read More: AI and Machine Learning Critical to Tackling Cyber Threats Say NTT
Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivaled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2019 Pacific typhoon season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
