Cyber Insurance: Farmer, Express Offerings Now Available
New cyber insurance services continue to surface. The latest two options come from Hartford Steam Boiler and At-Bay, respectively.
Hartford Steam Boiler (HSB), a Munich Re specialty insurer, has unveiled a Farm Cyber Insurance solution to safeguard farmers against cyberattacks.
HSB’s Farm Cyber Insurance protects data collected across a farm, according to the company. It also offers coverage for the costs of restoring data and systems and loss of income following a cyberattack.
Furthermore, HSB’s Farm Cyber Insurance offers family farm coverage, the company noted. It protects against identity theft, online fraud, cyber bullying and damage from cyberattacks on a family farm’s computer systems and connected home devices.
HSB’s Farm Cyber Insurance is now available as an endorsement to insurers that partner with HSB. Or, it can be bundled with HSB’s Farm Equipment Breakdown Insurance, which covers farm equipment repair or replacement costs.
At-Bay Introduces Excess Cyber Policy
In addition to HSB’s Farm Cyber Insurance announcement, At-Bay this week introduced an excess cyber insurance policy.
At-Bay’s excess cyber insurance is designed for organizations with insurance towers, the company said. It provides ongoing vulnerability scanning, threat monitoring and round-the-clock support.
Also, At-Bay’s excess cyber insurance is backed by the company’s security team, which reviews prospective customers as part of the underwriting process. It complements At-Bay’s primary cyber insurance product and includes coverage limits up to $10 million for organizations with up to $5 billion in annual revenue across all 50 states and Washington D.C.
What Do the New Cyber Insurance Offerings Mean for Global Organizations?
The new HSB and At-Bay offerings highlight the rising demand for cyber coverage. They could help accelerate the global cyber insurance market’s growth, too.
Global cyber insurance market revenues are expected to increase at a compound annual growth rate (CAGR) of nearly 22 percent between 2016 and 2022, industry analyst Allied Market Research stated. These revenues also are projected to total $14 billion by 2022.