The provides comprehensive coverage for privacy, data breach and network interruptions, explicitly providing coverage for stopping and containing a data breach.
PRODUCT: Hiscox CyberClear
BEST RATING: A
AVAILABILITY: Hiscox CyberClear is available to both wholesale and retail brokers, as well as directly to customers.
FOCUS: Hiscox brings over 15 years of experience continuously underwriting cyber insurance, responding to over 1,500 cyber and data risk incidents, to provide insureds with a suite of cyber protections that have historically only been practical for larger entities.
Launched in 2016, CyberClear is a tech-enabled cyber risk solution for small businesses with up to $100 million in annual revenue.
COVERAGE DETAILS: Hiscox CyberClear provides comprehensive coverage for privacy, data breach and network interruptions, explicitly providing coverage for stopping and containing a data breach.
The policy includes coverage for the costs of responding to a breach, defending and resolving regulatory investigations and claims alleging statutory violations, negligence and breach of contract. Optional coverage for cybercrime, such as funds transfer fraud, social engineering and reverse social engineering, are also available.
CyberClear also includes value-add prevention and response services, such as Hiscox CyberClear Academy and eRisk Hub. Policyholders will receive complimentary access to cybersecurity protection powered by artificial intelligence (AI) and built specifically to address the latest ransomware and other evolving cyber threats.
UNDERWRITING: Insureds must complete Hiscox's cyber application form, which will highlight certain security controls that insureds are currently utilizing to protect their organization, such as cloud backups and multi-factor authentication for email or corporate application access.
TARGET: Small to medium-sized businesses that are looking to partner with an insurance carrier to help them on their cybersecurity journey.
COVERAGE AVAILABILITY: Admitted in all U.S. states.
COVERAGE TERRITORY: Worldwide
CONTACT: Alannah Paul, technology and cyber product head, Hiscox; 213-412-1215.
Will Jones is IA editor-in-chief.