Hiscox, the international specialist insurer, announced the expansion of its cyber and data risk solutions to include Hiscox CyberClear.
This product will complement Hiscox’s existing Cyber Threat Protect, which came to market in October 2015. Both covers use straightforward language and a single insuring agreement driven by the loss itself and not the "how" — a significant differentiator within the industry.
With over 15 years of experience underwriting cyber risk around the globe, Hiscox has developed a set of solutions that cater to businesses of all sizes, in a wide variety of industries, with one mission — to provide comprehensive cyber cover to face today’s pressing risks head-on.
Hiscox CyberClear is designed for small and medium-sized enterprises in the U.S. with less than $1bn in annual revenue, while Cyber Threat Protect is a bespoke coverage for large businesses worldwide with over $1bn in annual revenue.
"Our goal is to simplify the often complicated world of cyber insurance," said Matthew Donovan, Product Head – Cyber & Data Risks at Hiscox USA.
"With Hiscox CyberClear and Cyber Threat Protect, we are offering even more robust solutions to the marketplace that offer a single insuring agreement, which is an important differentiator. Cyber is one of the fastest changing risks, so staying one step ahead of the threat is crucial. Therefore, we are working to help the broker community and our clients better understand both their exposures and the solutions available to address these risks."
In today’s technology-driven environment, virtually every business is at risk to both internal and external cyber threats, and breaches are only becoming bigger and more costly. In fact, over two trillion records were lost to breaches in 2014 alone and there was a 375 percent increase in the number of breaches for that year as compared to 20131.
"Hackers are becoming more sophisticated and are finding new ways to exploit and access sensitive information," said Marcus Breese, Cyber & Professions Line Underwriter for Hiscox London Market. "Many companies believe they won’t fall victim to a breach, but virtually every company is at risk and must adequately prepare for these types of events."
Hiscox USA provides a variety of specialty risk solutions including a broad spectrum of professional E&O, GL, cyber and data security, media liability, management liability, crime, kidnap & ransom, terrorism and commercial property insurance products.
The Hiscox American Courage Index™ is the first survey to track personal and professional courage across the United States.
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (HSX.L).
There are three main underwriting parts of the Group — Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox International includes operations in Bermuda, Guernsey and the USA.