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 2019™ reveals the cost and frequency of cyber attacks are on the rise.

Download the full report.

 

Coverage & Benefits
  • A simple, single insuring agreement driven by the 'loss' and not the 'how'
  • Primary elements of cyber insurance included at full limits as standard: first-party breach response costs, third-party liability including regulatory fines and penalties, cyber extortion costs, cyber business interruption costs and data recovery costs
  • Optional coverage for cyber crime, cyber deception, and social engineering
  • Optional coverage for broader business interruption loss, including dependent business interruption, system failure, and dependent system failure
  • Explicitly provides cover for stopping and containing a data breach
  • Covers voluntary notification in addition to that required by law
  • True worldwide coverage
  • Access to a full panel of breach response resources, including extortion, PR, legal services, credit monitoring, and more
  • Integrated media liability
  • Complimentary value-add services for policyholders, including risk management tools and employee training programs
  • For more information, download our broker factsheet
Appetite

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

  • Primary appetite – small, medium-sized and large businesses considered
  • Excess appetite – U.S. businesses of all revenue sizes
  • Capacity – $10M on primary or excess basis

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Claims scenarios 

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

Phishing email leads to ransomware

An employee at a retail stores' headquarters clicked on a link in a phishing email from a vendor partner. A cyber criminal gained access to the retailers entire server, impacting its point of sale registers. The ransomware attack held the systems hostage, effectively stopping sales from being transacted.

Phishing email leads to ransomware

An employee at a retail stores' headquarters clicked on a link in a phishing email from a vendor partner. A cyber criminal gained access to the retailers entire server, impacting its point of sale registers. The ransomware attack held the systems hostage, effectively stopping sales from being transacted.

Developer causes business interruption

A developer designs a new website for an ecommerce company. When the site is launched, it immediately crashes. The site is down for three days while the developer fixes the problem. The company sues the developer for the lost revenue. 

Developer causes business interruption

A developer designs a new website for an ecommerce company. When the site is launched, it immediately crashes. The site is down for three days while the developer fixes the problem. The company sues the developer for the lost revenue. 

Negligence by media firm leads to breach

The computer system of a media firm contains large amounts of data on its clients' analytics, including search engine optimization keywords, pay-per-click campaigns, etc. The system's security services upgrade lapsed, leaving it more vulnerable to a breach. The system is hacked and several clients file lawsuits alleging negligence.  

Negligence by media firm leads to breach

The computer system of a media firm contains large amounts of data on its clients' analytics, including search engine optimization keywords, pay-per-click campaigns, etc. The system's security services upgrade lapsed, leaving it more vulnerable to a breach. The system is hacked and several clients file lawsuits alleging negligence.  

Risk management

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

Hiscox CyberClear Academy™

An online suite of cyber security training modules designed to help your client's organization reduce the risk of a cyber incident. Your client will learn what an online risk is and how to avoid being hacked, how to protect important information, sensible precautions to take to avoid being hacked, and more.

Try it yourself with our sample version!

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

2019 Cyber Readiness Report - Woman on Phone

The 2019 Cyber Readiness Report

The report reveals that over half of U.S. firms reported a cyber incident in the past year, and over a quarter reported more than four attacks. Fewer companies are experts at cyber preparedness than in years past.

Beware ransomware

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

Cybersecurity

The 2018 Cyber Claims Report

Hiscox has dealt with over 1,000 cyber related insurance claims from businesses over the past 12 months alone. What's been the single biggest cause?

Cyber 101

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