Hiscox launches CyberClear365 cover
New product offers clients clarity and year-round support- launched at first of its kind experiential ‘Cube’ event at Lloyd’s...
Hiscox has launched a new London Market cyber product – CyberClear365. Built around three key principles of cover, claims and additional cyber services, CyberClear365 delivers simple, unambiguous policy wording, underpinned by a year-round approach to supporting clients through their cyber challenges.
Launched at a first of its kind experiential marketing ‘Cube’ event held on the Lloyd’s trading floor, CyberClear365’s cover includes first-party incident costs such as regulatory response, bricking (for disabled electronic devices) and a reward fund. Building upon cover typically seen in property markets, the business interruption element is tailored to the insured’s individual business needs through up to date coverage options including full system failure, voluntary shutdown and reputational harm.
In the event of a claim, CyberClear365 offers assured mitigation coverage and a percentage excess discount if Hiscox is notified of a cyber incident within 48 hours. An incident cost sub-limit is also available to the insured without having to seek prior consent from Hiscox. Claims are managed proactively by a dedicated team who have a deep understanding of client priorities during a claim and are committed to paying claims promptly.
CyberClear365 also provides a range of additional support services and resources for clients to draw on throughout the life of the policy. These services range from tailored workshops to support the c-suite and risk management’s cyber security strategy, in-depth insight from a cyber exposure calculator, access to an online suite of cyber security training modules through the Hiscox CyberClear Academy and regular cyber insights, claims trends analysis and thought-leadership. A risk management bursary is also provided for highly targeted services through our panel of third party providers.
Commenting on the new CyberClear365 product, Matthew Webb, Cyber Line Underwriter at Hiscox, says: “CyberClear365 is our answer to the changing dynamics of the cyber threat and the evolving needs of our clients. As well as the comprehensive risk transfer element – underpinned by an unambiguous and transparent wording – and access to world-class third-party services to manage and mitigate an incident, CyberClear365 includes a wide range of additional value-added services for clients to draw on throughout the life of the policy.
“CyberClear365 offers a significant step forward in cyber coverage for the large and global businesses that come to the London Market looking for an insurance solution to their ever changing and growing cyber exposure.”
The Cube event held on the 29 May at Lloyd’s to launch CyberClear365, featured a large Hiscox LED cube housing three gaming stations where participants went against the clock to ‘crack the cube’ and test their cyber security knowledge.
Hiscox’s Matthew Webb comments: “In our Hiscox Cyber Readiness Report 2019, nearly three quarters (73%) of large organisations were identified as cyber novices when it comes to security, while almost the same figure have been knowingly targeted by cyber-attacks in the past year. We wanted to bring these statistics to life and help give brokers a memorable way to highlight the extent to which large organisations fail to prepare for the cyber risk. The Cube delivered that and created a real cyber buzz on the trading floor – offering up a new, 21st century twist on the traditional Lloyd’s underwriting box.”