The Hartford Steam Boiler Inspection and Insurance Company (HSB) has launched a new cyber risk insurance coverage to safeguard smaller commercial organizations from growing information security exposures threats.
Providing broad coverage with limits up to $100,000 to protect the risks typical of small organizations, HSB CyberOne helps policyholders to recover from damage to systems caused by a computer attack.
The solution also offers 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.
Hartford Steam Boiler president and chief executive officer Greg Barats said HSB CyberOn has been developed as a simple way for a business to help protect its computer systems against cyberattacks.
''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,'' Barats added.
HSB CyberOne proves to be more affordable than products underwritten one policy at a time for insurers as it is added to a group of their small business policies.
Capable of being included as part of a business owners product (BOP) or a Commercial Multi-Peril (CMP) policy, the product also makes it convenient for customers and agents to access and easier for insurers to administer.
A member of Munich Re, HSB provides a range of specialty insurance coverages for business, home and farm, since 2009.