International insurer HDI Global Insurance Company (HDI) announces 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 2021.1
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.”
For more information, visit https://www.hdi.global/us/en/insurance/cyber
1 Cybersecurity Ventures: 2016 Cybercrime Report
About HDI Global SE
HDI Global SE is a leading international industrial lines insurer and member of the Talanx Group. HDI Global SE with over 3,000 employees worldwide is active in more than 130 countries through subsidiaries and network partners. In the United States, HDI Global SE operates with its subsidiary, HDI Global Insurance Company, a commercial property and casualty insurer headquartered in Chicago, Illinois and is licensed in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands. HDI Specialty Insurance Company is an excess and surplus lines subsidiary of HDI Global Insurance Company.
HDI Global SE, HDI Global Insurance Company and HDI Specialty hold Financial Strength Ratings of A (Excellent), XV from A.M. Best.
Copyright Business Wire 2017