As we often say here at Insurance Business, changing times… changing needs. A new example is specialist global insurer Hiscox, which has expanded its Security Incident Response (SIR) offering to now cover business integrity risks.
Originally designed to help organisations manage events such as terrorism and extortion, the enhanced policy provides additional protection against threats like agent misconduct, contract and procurement fraud, social engineering, and money laundering.
In addition, SIR’s revised wording has added a new trigger – featuring allegations of an insured event having occurred – as well as cover for expenses incurred during a crisis.
“Businesses are dealing with an ever-changing risk and security landscape both at home and abroad,” noted SIR product director Gareth Bateman. “We have recognised the evolution of these threats and have enhanced our successful SIR product to provide cover for 19 additional insured events, with a focus on business integrity risks such as bribery and corruption, embezzlement, and financial statement fraud.
“The growth in regulatory action against businesses globally reflects the added risks to businesses of experiencing a damaging prosecution related to an incident such as internal bribery – our clients have told us this is an important area of protection for them.”
The Hiscox product, which came to life in 2017, has also been providing policyholders exclusive access to crisis management consultancy Control Risks. Coverage is available to firms of all sizes.
“SIR is about the readiness, response, and recovery for organisations when faced with a crisis or complex security issue,” added Bateman. “The policy ensures peace of mind for senior management that they will have access to the resources – including the services of Control Risks – needed to deal with unforeseen events, and to successfully safeguard their business, employees, and their reputation.”