Are You Covered?
There is a new cyber insurance product that has launched, where businesses will now benefit from business interruption cover that is triggered by IT systems failure, as well as malicious cyber events. The updated policy also provides full supply chain business interruption cover, extending to events that impact the insured’s systems and the systems of their technology suppliers, as well as those of non-technology suppliers, where named. Our carrier is the only cyber insurance provider to offer this cover with unlimited reinstatements as standard.
Cyber insurance is about much more than a data breach. The costs associated with system failure or downtime following a cyber attack – like ransomware – can be hugely detrimental to a business and shouldn’t be overlooked when purchasing a cyber insurance policy.
The cyber insurance offering we now have available for our clients adds affirmative crime cover for a new type of cyber attack on the rise, cryptojacking. Cryptojacking is when the hacker hijacks the processing power of a victim’s computer network in order to mine cryptocurrency for their own benefit, leaving the victim to foot the bill for the increased use of bandwidth. With this new Cyber Policy, affirmative cover is also added for the replacement of hardware.
With nearly 20 years’ experience in cyber insurance, our carrier was one of the first companies to offer cyber insurance and has the largest dedicated cyber underwriting and cyber claims teams in London. Their award-winning cyber insurance policies offer comprehensive cover for business interruption, cybercrime, network security and privacy liability, and are backed by an industry-leading in-house cyber incident response team. Over 40,000 businesses in more than 60 countries trust their cyber insurance products and incident response services and HPSI is pleased to present this new policy to you.