The Hartford has launched CyberChoice First Response, an admitted cyber liability product that helps businesses protect against cyberattacks to limit the damage to their bottom lines and reputations.
The Hartford cyber underwriting head Tim Marlin said: “With the average cost of a data breach exceeding $3m and businesses continuing to adopt new technologies, business owners are increasingly concerned about where their protection will come from.
“With CyberChoice First Response, we have 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.”
CyberChoice First Response 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 the business’ 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.
To help business owners proactively take steps to prevent a cyberattack from occurring, CyberChoice First Response offers access to a panel of pre-approved service providers to guide them 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.
Should a business experience a cyber incident, The Hartford’s commitment does not end when the claim is resolved. To help businesses prevail, CyberChoice First Response 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.
Source: Company Press Release