HSB Engineering Insurance (HSB) has introduced a new cyber insurance product for small and medium-sized enterprises (SMEs).
The new insurance product offers computer, data and cyber risks cover in one policy, providing insurance solutions to the various cyber risks of the businesses.
The new policy also provides cover for hardware, including portables, and data corruption.
HSB’s cyber insurance includes cover in four additional areas, comprising data breach expense, cyber crime, cyber liability and cyber event such as loss of business income.
Selling through brokers, the new product will be available to businesses with a turnover of up to £10m, as well as to the medium-sized firms with turnover up to £50m.
HSB chief underwriting officer Stephen Morris said: "Many cyber policies can appear complicated, expensive and targeted at large businesses. Currently it is easier to buy £20m of cyber cover in the London market than £100k.
"With 74% of small businesses having experienced a security breach in the last 12 months, we recognised that there was a gap in the market for comprehensive cover aimed specifically at the small to medium-sized business."
"Viruses don’t care what size business you are, or where you are based. Hackers often target smaller firms, as they believe they are less likely to have robust cyber defences in place."
Image: HSB Engineering Insurance launches new cyber insurance policy for SMEs. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.