HSB Canada, part of Munich Re, has announced the launch of a new insurance offering, HSB CyberPro, aimed at providing coverage and support services to combat cyber risks for businesses.

The solution combines active cyber threat monitoring, claims handling expertise and risk management resources that HSB has developed over its nearly two-decade presence in the cyber insurance market.

Available to businesses throughout Canada via brokerage channels, HSB CyberPro targets companies with up to C$2bn ($1.42bn) in revenue.

The solution is tailored to meet the needs of various sectors including construction, hospitality, non-profit companies, retail, transportation and wholesale.

It is designed to help these entities address the complexities of cyber risk in an ever-evolving digital threat landscape.

HSB CyberPro encompasses a range of first-party as well as third-party coverages.

These include protection against business interruptions, cybercrime, computer forensic investigations, crisis management, event responses, legal services, system repair and data recovery costs, and other associated risks.

An integral part of HSB CyberPro is its Cyber Safety risk management platform, which offers continuous monitoring for potential system and website vulnerabilities.

Clients also gain access to a network of cybersecurity and legal professionals, services aimed at preventing ransomware attacks and resources for establishing security protocols.

The platform further includes online evaluations and training modules to enhance cybersecurity measures.

HSB Canada cyber practice head Stephanie Banning said: “The launch of HSB CyberPro with our strategic distribution partners will meet the needs of their customers with broad coverage that is uniquely customisable.

“The coverage gives businesses the confidence to respond to an unexpected cyber attack.”