14 DAY TRIAL // The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, has introduced CyberOne, a new insurance that’s designed to protect small businesses against cyber threats. CyberOne provides coverage of up to $100,000 (€76,000).
The insurance is said to be perfect for companies to recover from damage caused by a cyberattack. In addition, it also provides defense and liability coverage for certain lawsuits.
“Cyber attacks are a serious problem for small businesses, which often have limited security and technical resources,” commented Greg Barats, president and chief executive officer of HBS.
“We developed HSB CyberOne™ as a simple way for a business to help protect its computer systems. It’s a logical extension of Hartford Steam Boiler’s series of products for smaller businesses that cover identity theft, data breach and data risks from equipment breakdowns.”
In the UK for instance, only 14% of small and medium companies are prepared to handle cyber threats, and the situation is not brighter in other parts of the world either.