HSB launches new cyber insurance and incident response proposition

Specialist engineering and technology insurer HSB has launched a cyber insurance and incident response proposition.

Specifically designed for micro and small businesses in the UK and Ireland with revenues of up to £10m, the product provides comprehensive coverage to protect against cyber risks, data breaches and IT system vulnerabilities.

The policy, called HSB CyberPro, also offers 24/7 assistance through the provision of incident response services via a dedicated helpline.

Should a suspected incident occur, cybersecurity experts will quickly respond and support businesses through containment, resolution and recovery.

HSB CyberPro is available to brokers to eTrade via the Acturis open market and HSB Fast Track solutions, supported by a dedicated team of technical underwriters.

Research

The move comes after recent research from HSB showed that significant preparedness gaps exist.

In HSB’s survey of 600 UK SMEs, just over half (55%) admitted that they expect to experience a cyber attack in the next 12 months, with 84% anticipating a negative impact from operational disruption and lost revenue should one occur.

Mat Prentice, cyber product leader at HSB UK and Ireland, said: “Cyber attacks are a constant threat for businesses of every size, but smaller organisations are particularly vulnerable to evolving threats and would most benefit from specialist technical support.

“HSB CyberPro directly addresses this need by combining financial protection with direct access to cybersecurity experts, helping small businesses to respond effectively and recover with confidence in the event of a cyber incident.”