HSB Canada – a multi-line specialty insurer subsidiary of Munich Re – has launched a new cyber insurance solution created specifically for small businesses in Canada.
The new HSB Cyber Suite is a turnkey cyber reinsurance solution for P&C insurers, which includes underwriting, marketing support, 24/7 claims service, and risk management. The suite features insurance coverage to protect small and medium-sized businesses from cyberattacks, data breaches, identity theft, and cyber extortion.
HSB Cyber Suite also features several optional coverage enhancements, which include coverage for identity recovery, business income, extra expenses during restoration, electronic media liability for legal action, and cyber extortion costs (such as negotiator or investigator fees in ransomware incidents).
“Small businesses face many challenges. As more commerce is conducted online, vulnerabilities to cyber risk have become heightened,” said HSB Canada vice president Derrick Hughes.
“Cybersecurity is complex, but we want to make it easier for small businesses to get comprehensive protection against cyber risks.”
HSB Cyber Suite is available through carriers that partner with HSB Canada as an add-on to commercial policies.
HSB Canada has over 15 years of experience offering cyber insurance and services.
