Farmers today are using technology to manage almost every aspect of their farms—from capturing farm production data to controlling precision agriculture processes. However, as farming technology becomes more sophisticated, so does the risk of a cyberattack.
PRODUCT: HSB Farm Cyber
COMPANY: Hartford Steam Boiler, part of Munich Re
BEST RATING: A++ (Superior)
AVAILABILITY: Coverage is available as an endorsement to appointed agents and brokers.
FOCUS: Farmers today are using technology to manage almost every aspect of their farms—from capturing farm production data to controlling precision agriculture processes. However, as farming technology becomes more sophisticated, so does the risk of a cyberattack.
More than half of U.S. businesses suffered a cyberattack in the last year, while over two-thirds spent $50,000 or more responding to a cyberattack, according to Hartford Steam Boiler. For farms, the greatest threat lies in the possibility of a cyber event which introduces ransomware or malware that can interrupt the business, in addition to common cyber exposures such as phishing and data breach.
And for a farm, the impact that results from a cyber incident is no different from that of a fire or mechanical failure. Downtime, interruption of operations and added expense are costly to businesses of all sizes, which means securing the proper coverage is vital.
“HSB follows the farmer into, and even above, the field,” says James Hajjar, assistant vice president, HSB. “Our comprehensive coverage protects the farmer against cybersecurity threats involving not only the customary computers and electronic components located about the farm premises, but also on-board drones and farm machinery in the field.”
HSB Farm Cyber was specially designed to provide comprehensive coverage for cyber risks and exposures for a range of farm operations from a large commercial enterprise to a smaller family-run farm.
HSB has been “protecting farmers for years,” Hajjar adds. “As risks evolve, so does the coverage and protection we offer.”
COVERAGE DETAILS: HSB Farm Cyber provides coverage for costs associated with a computer attack, cyber extortion, misdirected payment fraud, computer fraud, data compromise liability, network security liability, electronic media liability, identity recovery and data compromise response.
The product also provides personal cyber coverages, such as coverage for costs associated with computer attacks, home systems attacks, cyber extortion, online fraud and optional additional components, including identity recovery, cyberbullying and data breach.
UNDERWRITING: After reviewing a farm’s business portfolio, HSB will work with its partners to customize a program that suits the needs of the insured and allow for various options in both coverage and limits.
MINIMUM PREMIUM: N/A.
TARGET: Small farms to large agricultural enterprises.
COVERAGE TERRITORY: All 50 U.S. states.
CONTACT: James Hajjar, assistant vice president, Hartford Steam Boiler; 860-722-5276.
Will Jones is IA senior editor.
