Policy includes support from experts and covers regulation costs
Hiscox has launched a new cyber and data insurance product which it said is designed to provide simpler, more comprehensive cover.
The Hiscox Cyber and Data policy covers online and offline data risks including data breach, cyber business interruption, privacy protection, hacker damage, cyber liability and cyber extortion. It also includes practical support in the event of a data breach, which could be in the form of technical forensic investigations, legal advice, notifying customers or regulators, and providing credit monitoring to affected customers.
The product will also compensate for loss of income if a hacker targets a client’s systems and prevents their business from earning money, including where caused by damage to a customer’s reputation.
The policy will also pay the costs associated with regulatory investigations, claims made against the client for failing to keep customers’ personal data secure, and civil penalties levied by regulators, where insurable.
It will also reimburse clients for the cost of repair, restoration or replacement if a hacker causes damage to their websites, programmess or electronic data, and provides liability protection if they mistakenly infringe someone’s copyright, or inadvertently libel a third party in an email or other electronic communication.
Hiscox UK head of technology Matthew Webb said: “Cyber and data risks affect more businesses than you would think and are often less well understood. Any business that holds sensitive customer details such as names and addresses or banking information, has a website, relies on computer systems to conduct business or is subject to a Payment Card Industry merchant service agreement is at risk. That risk could be a data breach, or it could be a loss of vital business services, and can result in lost revenue, a damaged reputation, legal and regulatory costs – not to mention the associated business disruption.
“Our new Cyber and Data product is more than just a promise to pay. We know that businesses that suffer a cyber attack or data breach often want more than just a payout from their insurer – they want practical advice and expert guidance that gets them back on their feet and helps safeguard their business from the distress and inconvenience that these types of claims bring. With this in mind, we’ve assembled a formidable panel of experts – PR consultants, lawyers, auditors and IT forensics – who will provide an important hands-on element to the policy.”