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Hiscox launches security incident response product

Hiscox launches security incident response product | Insurance Business

Hiscox launches security incident response product
Specialist global insurer Hiscox has launched a new security incident response (SIR) policy designed to address the changing risk landscape.
The Lloyd’s insurer said the SIR product will enable organisations to protect their people, operations, shareholder value and long-term brand and reputation.
The new policy indemnifies against a broad range of perils including criminal, information and political risks; terrorism and political violence risks; and kidnap, detention and extortion risks. It equips organisations with the best available incident response, crisis management, strategic advice and recovery.
“There is growing demand amongst clients and brokers for a comprehensive corporate security insurance offering, beyond what has traditionally been available, and we are pleased to bring this product to the market,” said Hiscox special risks director Charlie Hanbury.

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For this product, Hiscox has partnered with global risk consultancy Control Risks, which will help clients manage an incident through the deployment of response consultants and technical experts, post-incident reporting and remediation to ensure a smooth transition back to business as usual.
“Today, as never before, businesses face a multitude of complexities and increasing strategic uncertainty,” said Control Risks CEO Richard Fenning.
“The reality is - risk is everywhere - the distinction between safe home markets and dangerous foreign ones has become marginal as risks increasingly come home through political, regulatory, cyber and terrorism threats,” he added.
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