NEW YORK, Sept. 10, 2013 (GLOBE NEWSWIRE) -- Hiscox, the international specialist insurer, today announced the addition of a new Cyber Crime protection endorsement to its Technology Privacy Cyber portfolio. The Cyber Crime coverage option provides additional protection against growing exposures related to cyber crime connected to business bank accounts.
"Technology is increasingly being used to attack or threaten businesses, but many companies are unaware of the new and growing exposures related to cyber crime that they may face," said Jim Whetstone, Professions Practice Leader, Hiscox USA.
Small and medium-sized businesses are becoming more vulnerable to cyber crime as their online financial transaction rates increase. Fifty-one percent of small and medium-sized businesses (SMBs) transferred funds online in 2012, up 6% from 2011. However, the majority of SMBs admit that the computer they use is "not safe or they are unsure" (2012 Business Banking Trust Study).
As much as $1 billion per year is being stolen from SMB bank accounts, but financial institutions are only fully reimbursing those companies about 25% of the time (2012 Business Banking Trust Study). Business bank accounts have less protection and significantly higher liability for fraud than personal accounts. Often, if the compromise occurs at the business and not at the bank, the bank will not reimburse companies for their losses.
"Most businesses would not be able to withstand an attack that emptied their bank account, but without proper coverage, getting reimbursed is not guaranteed," said Matt Donovan, Technology Underwriting Leader, Hiscox USA. "Hiscox has added the Cyber Crime protection endorsement to provide these businesses with protection not provided by many banks."
Hiscox's Technology Privacy Cyber portfolio provides US-based businesses specialized protection for cyber crime and data breaches. As a pioneer in this space, Hiscox has provided technology- and privacy-related protection for exposures to thousands of clients for over 15 years.
In addition to Cyber Crime protection, Hiscox Technology Privacy Cyber portfolio offers protection for:
- Technology Errors and Omissions
- Privacy and Network Security Liability
- Data Breach Costs
- Cyber Business Interruption
- Cyber Extortion
- Miscellaneous Professional Liability
- Multimedia Liability
Hiscox is a global provider of technology and privacy protection. In the US, Hiscox offers a diverse portfolio of property, professional liability and other commercial insurance products, and has offices in New York, NY; White Plains, NY; Atlanta, GA; Chicago, IL; Los Angeles, CA; and San Francisco, CA.
Additional information can be found at www.hiscoxusa.com/broker.
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About Hiscox in the US
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox International includes operations in Bermuda, Guernsey and the USA. Hiscox Syndicates Ltd is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The ability of syndicates at Lloyd's to do business in the USA, and its territories, is restricted as they are not US-based insurers. Hiscox Underwriting Limited and Hiscox ASM Limited are authorized and regulated by the Financial Conduct Authority.
Hiscox Inc., a Delaware corporation headquartered in New York, d/b/a Hiscox Insurance Agency in CA, is a licensed insurance intermediary for admitted and surplus lines business. Hiscox Inc. underwrites on behalf of, and places business with, Hiscox Insurance Company Inc., other domestic insurers, and syndicates at Lloyd's (www.lloyds.com). Hiscox Insurance Company Inc. (NAIC Number 10200) is a Chicago, IL domiciled insurer, which is admitted or licensed to do business in all 50 states and the District of Columbia.
Inquiries as to insurance or other products or services should be directed to an insurance agent or broker licensed to conduct business in the relevant US state. For further information about an insurer's ability to do business in the USA and US territories please contact a licensed agent or broker for advice.
This communication provides general information on Hiscox's products and services only and is not intended to be, and does not constitute, a solicitation of business by syndicates at Lloyd's from or in respect of the USA or US territories. Coverages are subject to underwriting and may not be available in all states. The information contained herein is not a part of an insurance policy, and may not be used to modify any insurance policy that might be issued. In the event the actual policy forms are inconsistent with any information provided herein, the language of the policy forms shall govern.
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