HSB Canada, part of Munich Re, has announced the launch of a new cyber insurance policy designed for Canadian businesses. The product aims to address the financial and reputational risks associated with digital threats by combining coverage with practical risk management services.

The newly introduced coverage is structured to assist organizations in preparing for, responding to, and recovering from cyber incidents. It is being made available to businesses through insurance brokers as well as other insurance companies that partner with HSB Canada.

Key Coverage Features

The insurance policy provides several core coverages to address the direct impacts of a cyber event. Data breach response coverage includes costs for forensic investigations, legal counsel, customer notification, and credit monitoring services. The policy also includes cyber extortion coverage, which addresses payments and professional assistance related to ransomware demands.

Further financial protection is offered through business interruption coverage, which compensates for lost income and extra expenses incurred when business operations are halted due to a covered cyber event. Additionally, the policy covers the costs associated with data recovery, including the restoration or recreation of digital assets that are damaged or lost.

Integrated Services and Support

Beyond financial reimbursement, the HSB Canada offering incorporates a suite of risk management services. Policyholders gain access to pre-breach services designed to help identify and mitigate network vulnerabilities. These proactive resources often include online training for employees on cybersecurity best practices.

In the event of an incident, the policy provides post-breach support. This includes access to a 24/7 incident response team to help manage the event, from initial containment to final resolution. The services are designed to provide a comprehensive support system for businesses navigating the complexities of a cyberattack.