Hiscox Enhances Cyber Offering for Small Businesses by Providing an Automated Cyber Security ‘Team’ for Customers, Powered by AI
Partnering with Paladin Cyber, a leading cybersecurity provider
New York, NY – March 29, 2021 – Hiscox®, the international specialist insurer, today announced an enhancement to its Hiscox CyberClear® product by providing US small business owners with an intelligence-driven platform capable of identifying and neutralizing the latest cyber risks, with no IT support required.
Hiscox has responded to the increasing burden of cyber risk for small businesses by partnering with Paladin to offer customers leading cyber risk solutions. All CyberClear applicants will receive a free report detailing their potential cyber vulnerabilities and tailored recommendations on how to address them. Policyholders will have full, complimentary access to Paladin Shield, a fully automated anti-ransomware and cyber risk management platform that requires no IT expertise to install or maintain.
In addition to proprietary AI that will scan for and identify threats capable of evading other systems, Paladin Shield includes security awareness training and automated phishing simulations to help employees recognize and avoid the latest threats.
Meghan Hannes, Cyber Product Head for Hiscox, commented; “Our claims data shows that ransomware is the leading cyber threat against small businesses today, and that threat has only become more virulent and sophisticated during the pandemic. Our partnership with Paladin means clients can now access the powerful, enterprise-grade protection they need to help defend themselves against the threat in a friendly, easy-to-use solution.”
Xing Xin, Co-Founder and COO of Paladin Cyber, said; “We’re delighted to bring advanced cybersecurity capabilities to Hiscox that enable them to offer insureds and brokers market leading solutions to the most pressing risks facing small businesses today. As businesses face rapidly evolving threats, our unified solution dramatically improves their resiliency while saving them significant time and money.”
About Hiscox CyberClear®
- Launched in 2016, CyberClear is a leading tech-enabled cyber risk solution for small businesses with up to $100 million in annual revenue.
- Comprehensive coverage for privacy, data breach and network interruptions. Includes coverage for the costs of responding to a breach, defending and resolving regulatory investigations and claims alleging statutory violations, negligence, and breach of contract.
- Includes value-add prevention and response services like Hiscox Cyber Clear Academy and eRisk Hub.
- Policyholders will receive complimentary access to AI-powered cybersecurity protection, built specifically to address the latest ransomware and other evolving cyber threats, also includes protection against phishing, social engineering and funds transfer fraud. Historically, these integrated protections have been practical only for larger entities.
About the Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. In the US, Hiscox small business Insurance is underwritten by Hiscox Insurance Company Inc., a Chicago-based insurance company.
Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
The content provided above is provided for general informational purposes and is not intended, nor shall it be deemed, to be a solicitation of insurance with regard to any particular or specific person or entity. Paladin Cyber is not an affiliate of Hiscox. Paladin Cyber, not Hiscox, is solely responsible for its products and services, including Paladin Shield. Hiscox makes no representations or warranties relating to Paladin Shield or the results obtained by using it nor does it provide advice regarding a business or its data security needs. Hiscox recommends that such advice based on a person or business’s circumstances be sought from an independent professional.
Established in 2017, Paladin Cyber provides a platform of innovative and effective cyber risk management solutions for insurance companies and their policyholders through easy-to-use AI-powered technology. Paladin's differentiated cyber-vulnerability scanning capabilities enable insurers to quickly assess, qualify and underwrite businesses applying for cyber-insurance coverage. Paladin Shield*, the firm's proprietary cybersecurity solution, effectively protects businesses against a full range of modern cyber threats regardless of IT expertise. Through its specialized risk management capabilities, Paladin's platform provides product differentiation, process efficiency, and superior underwriting results to carrier partners.
*Update on 11/09/2023: “Paladin Shield” has since been rebranded to “Upfort”. Their new website address is https://www.upfort.com.
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