Cyber Insurance

A computer, data and cyber insurance policy all in one; providing comprehensive cover for small and medium-sized businesses.

Have a question? Get in touch.

Data breaches - the theft, loss or mistaken release of private information - aren’t just a big business problem; small and medium-sized businesses with fewer data security resources are particularly vulnerable.

Whilst data losses for SMEs may not make the headlines, the potential financial cost and reputational impact of a cyber incident can be crippling.

As all businesses could be at risk from a cyber attack or data breach by hackers, viruses or errant employees, having specific insurance coverage in place to mitigate a cyber event can reduce its impact on a business from a financial, reputational and business interruption perspective.

70%

of medium-sized UK businesses

58%

of small UK businesses

identified cyber security breaches or attacks in the last 12 months *

Our response

HSB Cyber Insurance

A computer, data and cyber insurance policy all in one; providing comprehensive cover for SMEs

Designed to offer protection from cyber risks which could be damaging to a business and its reputation.

Our policy provides six sections of cover

Hardware

Data corruption and extra costs

Cyber crime

Cyber liability

Data-breach expense

Cyber event - loss of business income

Broker/agent trading options

Transactional

Delegated authority/reinsurance solutions

Key considerations for businesses when choosing cyber insurance are whether the policy provides:

Cover for the costs of dealing with data breaches
Cover for the costs of dealing with cyber liability claims
Cover for business losses from a cyber event
Cover that helps businesses deal with the impact of cyber crime

Cover for hardware and data corruption
Access to expert advice and support (e.g. IT, legal, forensic and media relations) when an incident occurs

Delegated authority/reinsurance solutions

We can also provide our partners with innovative, all-encompassing cyber solutions.

If you’re looking to provide specialist cover as part of your commercial or personal lines propositions, contact our Partnerships Team.

Why buy Cyber Insurance from HSB?

Cover designed specifically for small to medium-sized businesses
Cover provides protection for a range of first and third party exposures and offers broad cover at a competitive price
Virus, hacking or denial of service attack is not excluded as an act of terrorism
Full claims support provided by HSB following an incident
Cover will pay for professional support (e.g. IT, legal, forensic and media relations) to help businesses who are the victim of cyber crime with the threat of damage to their computer system by virus, hacking or disclosing of data
Clear and easy to understand policy wording
Insurer with international experience and expertise in computer and cyber insurance

Leading specialist provider of engineering and technology insurance and inspection services in the UK and Ireland
UK-based arm of HSB Group, the equipment breakdown insurance and inspection market leader since 1866
Part of Munich Re, a world leader in risk solutions, consistent risk management and financial stability
Financially strong and stable – rated A++ (Superior) by A.M. Best Company
A member of the Institute of Customer Service, demonstrating our commitment to continually improving customer service performance and professionalism

Claims examples

Example Losses:

HSB Cyber Insurance in action

Cyber crime

£18,001

Claim

A haulage company chased a customer for late payment of an invoice. The customer advised that they'd received an email from the haulage company with amended bank details and had already made three separate payments over £100,000 to settle the account. Investigations determined a breach had occurred, most likely from a phishing email.

Cyber breach

£9,501

Claim

A food-packaging manufacturer fell victim to a hacker. They gained access to the manufacturer’s systems and elevated their network privileges to allow the execution of destructive code; resulting in permanent damage to several systems, key databases, and the erasure of a backup tape. HSB's cyber policy covered the costs of an IT support provider to rebuilt their damaged servers.

Cyber attack

£5,501

Claim

A charity's computer system was compromised by a ransomware attack, affecting several servers. Forensic IT investigators were instructed to assist the charity's IT support company in creating a 'clean domain' for the servers to move over to, in addition to the server rebuilds from backups.