Hartford Steam Boiler (HSB), part of Munich Re, has announced a stand-alone cyber insurance product for mid-sized companies. Designed for businesses with revenues of $10 million to $150 million, Total Cyber™ will offer “direct coverage for multiple types of data and cyber exposures, including identity theft, data breaches and cyber-attacks” all in one policy. Due to a number of recent high-profile breaches, large corporations have ramped up their focus on better cybersecurity practices while also spending vast amounts of money on cyber insurance policies. However, while small and medium-sized enterprises (SMEs) also store large amounts of personal information and business data, they often do not have the resources to afford these expensive policies and instead, rely on weak and inadequate cyber policies.
As Timothy Zeilman, vice president of HSB, explains, “medium sized companies, meanwhile, are squeezed between expensive cyber policies designed for big organizations and low-cost insurance packaged for small businesses. HSB Total Cyber™ helps fill that gap with a single policy that includes a variety of essential coverages that a mid-size company needs and can afford.” Additionally, when doing business with large companies, contractual obligations are often imposed on contractors and suppliers which require SME’s to carry cyber insurance and meet particular cybersecurity standards. As a result, HSB seeks to bridge that gap and provide reliable cyber insurance to companies that may not be a Target or Anthem, but still attract the attention of cybercriminals.