HSB Launches CyberPro for UK & Ireland SMEs
HSB Engineering Insurance Ltd., part of Munich Re, has introduced HSB CyberPro to the UK and Ireland. This cyber insurance and incident response solution is designed for small and medium-sized businesses with up to £10 million in revenue. The product aims to fill a gap in the market, as many micro-SMEs struggle with cybersecurity due to limited resources.
The lack of preparedness among micro-businesses is alarming. Only 31% have a documented incident response plan, and just 46% have provided cybersecurity awareness training in the past year. This leaves many vulnerable to data breaches and cyberattacks, which can result in significant and unexpected expenses.
HSB CyberPro offers a comprehensive solution. It combines financial protection with direct access to cybersecurity experts for effective response and recovery. The policy provides 24/7 assistance, 363 days a year, through a dedicated helpline. This ensures businesses can quickly address any cyber incidents that may occur.
The product is available to brokers via the Acturis open market and HSB Fast Track solutions, supported by a team of technical underwriters. This makes it easy for businesses to access the protection they need.
Despite increased cybersecurity awareness, 55% of surveyed businesses anticipate a cyber attack within the next year. HSB CyberPro is designed to mitigate these risks and help businesses recover quickly if an attack does occur.
HSB CyberPro is a welcome addition to the market, addressing the cybersecurity challenges faced by many small and medium-sized businesses. By offering a combination of financial protection and expert incident response, it helps businesses prepare for and recover from cyber incidents. With 84% of respondents expecting negative impacts from a cyber attack, this solution is a crucial tool for businesses to consider.
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