Foresite, a US-based managed security, cyber consulting, and compliance services provider, has expanded its services portfolio with the launch of cyber insurance coverage SMBs.

The new cyber coverage, according to Foresite, will fill the widening gaps businesses have with their existing coverages as cyber risks continue to escalate.

Underwritten by an undisclosed insurance carrier, the new product offers $250,000 of cyber liability protection.

It protects against the most pressing issues facing businesses such as increasing ransomware attacks, social engineering, telecom fraud, data breaches, regulatory compliance and liability issues.

Apart from insurance coverage, the company will offer its customers round the clock breach hotline with specialist attorneys, forensics, legal defence, crisis management and identity theft management.

Foresite president Marc Brungardt said: “A large majority of organizations lack cyber coverages, especially SMBs.

“Even larger organizations can benefit from additional cost-effective coverage to offset expensive deductibles. Cyber insurance is a quickly expanding industry as companies are scrambling to mitigate growing risks.

“Cyber extortion attempts alone have increased by more than 100% in just the last year. Adding cyber insurance to our managed security and compliance solutions bolsters our value to our customers while adding peace-of-mind.”