The Hartford Steam Boiler Inspection and Insurance Company (“HSB”), part of Munich Re, is offering a new cyber risk insurance coverage for small businesses.
“Cyber attacks are a serious problem for small businesses, which often have limited security and technical resources,” said Greg Barats, president and chief executive officer of Hartford Steam Boiler. “We developed HSB CyberOnetm as a simple way for a business to help protect its computer systems. 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.”
Computer viruses and other computer attacks can result in lost business income and expenses to restore systems and recover data. With a small business at significant risk of losing critical information that is essential for daily operations, damaging its reputation and potentially being exposed to costly litigation, more companies are purchasing cyber insurance.
Hartford Steam said that HSB CyberOne “provides broad coverage with limits up to $100,000 to protect the risks typical of small organizations. It helps policyholders recover from damage to systems caused by a computer attack and also provides 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.” The new coverage can be included as part of a business owners product or a commercial multi-peril policy, according to the company.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].