Cyber Risk Shield Expands: HSB Canada Rolls Out ‘CyberPro’ for Canadian Businesses up to $2 Billion

Cyber Risk Shield Expands: Specialty insurer HSB Canada, a division of Munich Re, has introduced HSB CyberProTM, a new and powerful cyber insurance solution intended to provide companies all across Canada full coverage and services. Given that businesses are increasingly at danger from ransomware, hacks, and other online vulnerabilities, the launch underlines the rising need for cyber risk protection. HSB wants to enable Canadian companies to efficiently manage risks and react with confidence to unforeseen cyber catastrophes by using its almost two decades of experience in cyber insurance.

1. HSB CyberProTM: What is it?

To address the particular requirements of Canadian organizations, HSB CyberProTM integrates risk mitigation technologies, active threat monitoring, and sophisticated cyber claims services. Both first- and third-party coverage are included into the system, offering defense against:

Ransomware and cybercrime

• Interruptions to business
• Data restoration and system failures
• Costs of event response
• Computer forensics and legal advice
• Reputation preservation and crisis management

In the case of a cyber crisis, this all-encompassing strategy guarantees that companies have access to vital services and knowledge in addition to financial protection.

“The launch of HSB CyberPro with our strategic distribution partners will meet the needs of their customers with broad coverage that is uniquely customizable,” said Stephanie Banning, head of HSB’s cyber practice. Businesses may react to an unforeseen cyberattack with confidence because to the coverage.

2. Flexible and Adaptable Coverage for a Range of Sectors

In order to handle the changing environment of cyber threats and regulatory issues, HSB CyberProTM is designed to be flexible and agile. The coverage is perfect for the following industries:

• Retail and lodging
• Logistics and transportation
• Construction and wholesale commerce
• Nonprofit institutions

HSB guarantees that both mid-sized and big firms may get customized cyber insurance solutions by focusing on companies with annual sales up to $2 billion. Because of its adaptable structure, businesses may grow coverage in accordance with their digital footprint, operational complexity, and risk profile.

3. Platform for Cyber Safety and Risk Management

The Cyber Safety risk management platform, a crucial part of HSB CyberProTM, gives companies the proactive tools they need to lessen risks before problems happen. Features consist of:

• Constantly checking for vulnerabilities in websites and systems
• Availability of legal and cybersecurity professionals
• Services for preventing ransomware
• Training initiatives, evaluations, and security policies

In addition to reducing possible risks, this proactive strategy aids businesses in upholding regulatory compliance and safeguarding client information. HSB CyberPro™ offers a comprehensive solution that tackles both operational and financial cyber threats by fusing risk management services with insurance cover.

4. The History of HSB in Cyber Insurance

HSB Canada has been a key partner behind successful cyber insurance products for over 20 years, although it has only been issuing cyber insurance in the main market since 2016. To provide customized solutions that adapt to new cyberthreats, the organization has collaborated with brokers, insurers, and companies.

• HSB CyberProTM gives Canadian companies access to:
• An established claims service for effective incident management
• Cutting-edge instruments to track and reduce cyberthreats
• Professional advice for efficient crisis response

By providing confidence and resilience in the face of cyber threats, the product introduction demonstrates HSB’s dedication to assisting companies in navigating an increasingly digital and risky environment.