The Hartford has launched an admitted cyber liability product that, it said in a statement, helps businesses protect against cyberattacks in an effort to limit the damage to their bottom lines and reputations.

“With the average cost of a data breach exceeding $3 million and businesses continuing to adopt new technologies, business owners are increasingly concerned about where their protection will come from,” said Tim Marlin, head of cyber underwriting at The Hartford. The company's new product is “a comprehensive insurance solution to help insurance producers and their clients ensure they have appropriate coverage in the ever-changing and often confusing cyber threat landscape.”

Accordiing to The Hartford, its new product offers several options for customization, and can include coverage and services to help businesses overcome the significant challenges resulting from a cyberattack, including data privacy and network security, media, ransomware, and business interruption. The policy also provides the ability to choose to prepare for and respond to cyber threats in a way that best fits businesses' needs, including:

- Coverage for pre-claim expenses,

- Coverage related to a regulatory inquiry in addition to regulatory fines and defense, expenses incurred as a result of a regulatory proceeding,

- Recognition of internal expenses incurred in response to a breach,

- 24/7 cyber incident hotline staffed in the U.S. to assist in the event of a cyberattack, and

- Available system failure and administrative error protection.

Moreover, the new product offers access to a panel of pre-approved service providers to guide insureds on securing their networks. The Hartford Cyber Center, a digital cyber risk management portal, provides customers with tools, training materials, and best practices suggestions to further help mitigate the risk of a cyber incident, The Hartford added.

The cyber product also includes post-incident remediation to help a business make improvements to its security position and ensure it is better prepared against cyber threats than before the incident occurred, the insurer said.