HSB, a specialist engineering and technology insurer, has announced the launch of HSB CyberPro, a cyber insurance and incident response solution designed for micro and small businesses in the UK and Ireland with revenues of up to £10 million.
Despite a rise in cyber security awareness among businesses, a recent HSB survey revealed significant preparedness gaps, with 55% of the 600 surveyed businesses stating they anticipate a cyber attack within the next year.
The survey also revealed that 84% of respondents expect negative impacts like operational disruption and lost revenue.
However, only 31% of micro-businesses have a documented incident response plan, and only 46% have provided staff cybersecurity training in the past year.
HSB CyberPro has developed in response to this issue, providing comprehensive coverage to protect against cyber risks, data breaches and IT system vulnerabilities.
The policy also offers 24/7 assistance, 363 days a year through the provision of incident response services via a dedicated helpline. Should a suspected incident occur, cybersecurity experts will quickly respond and support businesses through containment, resolution, and recovery.
Micro-SMEs often lack the financial and technical resources to defend against data breaches and cyberattacks, which can expose them to significant and unexpected expenses.
HSB’s findings revealed that 62% would contact external technical experts first when seeking support for a suspected cyber incident.
Mat Prentice, Cyber Product Leader at HSB UK & Ireland, said: “Cyber attacks are a constant threat for businesses of every size, but smaller organisations are particularly vulnerable to evolving threats and would most benefit from specialist technical support.
“HSB CyberPro directly addresses this need by combining financial protection with direct access to cybersecurity experts, helping small businesses to respond effectively and recover with confidence in the event of a cyber incident.”
HSB CyberPro is available to brokers to e-trade via the Acturis open market and HSB Fast Track solutions, supported by a team of technical underwriters.
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