Global insurer HDI Global Insurance Company (HDI) has announced its latest insurance product, Cyber+ Smart.
This new cyber product will be written by HDI’s recently announced E&S subsidiary, HDI Specialty Insurance Company (HDI Specialty).
In a short period of time cybercrime has evolved into a highly organized and professional criminal enterprise. A recent report predicts that cybercrime will cost the world in excess of $6 trillion annually by 2021.
Cyber risks leave businesses exposed regardless of size or industry. Building upon HDI’s traditional focus on the manufacturing sector, Cyber+ Smart was designed from the ground up to support this industry. "At a time when companies are increasing the use of smart devices and embedded intelligence into the production process, the need for protection from the effects of cyber perils has never been more clear,“ said HDI’s Terrence O’Neill, Senior Underwriter, Cyber.
“Our bespoke solution will provide a level of protection that companies can rely on while continuing to pursue the technical advances necessary to compete during this fourth industrial revolution.“
Cyber+ Smart is designed for U.S. enterprises with annual revenues of up to $350M. Coverage is provided on a combined single limit basis without sub limits and addresses both first- and third-party risks, including business income loss, cyber theft and cyber extortion.
“We want to simplify the complicated and ever changing world of cyber insurance,” adds Jim Clark, Chief Underwriting Officer of HDI and President of HDI Specialty. “Our goal is to help the broker community and our clients better understand their exposures and the solutions available to them.”