Cyber insurance

Hiscox CyberClear®

Cyber and Data Risks

Hiscox
CyberClear®

Cyber and
Data Risks

What is Cyber insurance?

A targeted hack or simply a lost laptop could result in a company incurring various costs and expenses. A cyber policy is designed to cover privacy, data and network exposures and provide peace of mind. Whether it is sensitive client or employee information, there are increasing expectations that this information is secure. The list of regulations and statutes regarding the use and protection of this information, and notification in the event of a breach, continues to expand.

The Hiscox Cyber Readiness Report 2018™ reveals the average annual cost of all cybercrime incidents for large US businesses was $1.05 million.

Download the full report.

Small businesses have a major need for Cyber coverage too. Read more about in our new Small Business Cyber Risk Report™.

Small business report

 

Appetite

Our Cyber product is broad in coverage and contains a simple insuring agreement covering a wide range of classes. 

  • Primary – SME businesses with <$1bn annual revenue.
  • Excess – all US businesses, all revenue sizes, simple one-page follow form.
  • Target industries (primary and excess): all industry classes except depository financial institutions and payment processors.

Download Appetite Guide

Capacity

$10M capacity on primary or excess basis

Coverage & Benefits
  • First-party and third party liabilities arising from a data breach event 
  • Defense cost and indemnity covered, as permitted by law, whether it’s a claim for a statutory violation, regulatory investigation, negligence or breach of contract 
  • Provides full limits for forensic costs incurred in the defense of a covered claim 
  • Provides full limits for credit or identity protection costs as part of a covered liability judgment, award or settlement 
  • Both negligence and breach of contract claims arising out of a breach of credit card details, including PCI Fines and Penalties and PCI Assessments ensuing from the breach of a merchant services agreement 
  • Both complimentary pre-loss breach prevention services (Breachprotection.com) and complimentary breach responses services, including one hour with a data breach coach to assist you in responding to a breach event (Hiscox eRisk Hub®
  • Cyber Business Interruption provides a minimum hourly amount for a covered business interruption loss, with coverage for additional loss amounts available upon our review of supporting receipts 
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Claims scenarios 

Not sure what risks our product covers? We’ve brought some scenarios to life.

Stolen laptop

A laptop containing the protected health information of 441 patients was stolen out of an employee’s car. As a result, the Office of Civil Rights (OCR) investigated and found the entity had not conducted a risk analysis to safeguard the information and did not have policies or procedures in place to address mobile device security as required by the HIPAA Security Rule. The OCR fined the healthcare business $50,000. 

Stolen laptop

A laptop containing the protected health information of 441 patients was stolen out of an employee’s car. As a result, the Office of Civil Rights (OCR) investigated and found the entity had not conducted a risk analysis to safeguard the information and did not have policies or procedures in place to address mobile device security as required by the HIPAA Security Rule. The OCR fined the healthcare business $50,000. 

Company error

A printing company accidentally included a user name and password in a client’s brochure, which was posted on the client’s website. The login information enabled access to the client’s customers’ medical records and other personal information, including names, Social Security numbers, addresses, driver’s license numbers and credit information. The printer’s client engaged an outside forensics firm, notified the individuals and offered free credit monitoring. The client then sought recovery of these costs from the printing vendor. 

Company error

A printing company accidentally included a user name and password in a client’s brochure, which was posted on the client’s website. The login information enabled access to the client’s customers’ medical records and other personal information, including names, Social Security numbers, addresses, driver’s license numbers and credit information. The printer’s client engaged an outside forensics firm, notified the individuals and offered free credit monitoring. The client then sought recovery of these costs from the printing vendor. 

Unencrypted laptop

A laptop belonging to a business services firm’s employee was stolen from his car. The laptop contained unencrypted personal data of a client’s employees, including their names, Social Security numbers, and home addresses. Failing to encrypt the data was a direct violation of the firm’s contract with their client. 

Unencrypted laptop

A laptop belonging to a business services firm’s employee was stolen from his car. The laptop contained unencrypted personal data of a client’s employees, including their names, Social Security numbers, and home addresses. Failing to encrypt the data was a direct violation of the firm’s contract with their client. 

Risk management

We partner with leading risk management services to ensure our clients have support and guidance, in addition to exceptional coverage.

eRisk Hub®

eRisk Hub®, powered by NetDiligence®, provides tools and resources to help our policyholders understand the exposures, establish a response plan and minimize the effects of a data breach on an organization.

Learn more about eRisk Hub.

Risk Management Assistance

Free initial confidential consultation from a referred, national recognized law firm. Up to one-hour of legal services to assist in better understanding and minimizing risks that commonly lead to the types of claims covered under a Hiscox privacy policy.

Key contacts

Meghan Hannes
Product Head – Cyber & Data Risks
Tara Bodden
SVP, Claims Media, Tech & Cyber

News and insights

We have a team of experts across the industry. Read their latest advice, find useful thought leadership, and discover industry news.

Visit the Hiscox Blog

Cyber Readiness

The 2017 Hiscox Cyber Readiness Report provides an up-to-the-minute picture of the cyber readiness of businesses big and small.

Beware ransomware

Ransomware is one of the fastest growing cyber risks. Find quick stats now.

Cyber 101

This introductory guide will help one become more knowledgeable on cyber risks, coverage, and industry terminology.

2016 EMV Reference Guide

Understanding the new regulations in place concerning credit card liability can help merchants minimize their exposure and the impact of credit card breaches.