Munich Re subsidiary Hartford Steam Boiler Inspection and Insurance (HSB) has launched a new stand-alone cyber insurance product, which provides mid-size firms with direct coverage for multiple types of data and cyber exposures.
The new HSB Total Cyber product will provide coverage for data breach response and liability, identity theft, computer attack, cyber extortion, as well as network security and electronic media liability.
The new product is being provided through agents and brokers, which is designed for businesses with revenues of $10m to $150m.
In addition, the new cyber product will be provided to businesses with revenues up to $250m.
HSB vice-president Timothy Zeilman said: "Medium sized companies, meanwhile, are squeezed between expensive cyber policies designed for big organizations and low-cost insurance packaged for small businesses.
"HSB Total Cyber helps fill that gap with a single policy that includes a variety of essential coverages that a mid-size company needs and can afford."
According to the company, HSB Total Cyber is a bundle of cyber and information security coverage that provides broader protection.
HSB is an engineering and technical risk insurer, which offers equipment breakdown insurance products, other specialty coverages, and related inspection services and engineering consulting.
Image: The new HSB Total Cyber product offers direct coverage for multiple types of data and cyber exposures. Photo: courtesy of The Hartford Steam Boiler Inspection and Insurance Company.