Specialist insurer Hiscox has introduced an enhanced version of its Security Incident Response (SIR) product to offer added layer of protection to businesses.

The new SIR insurance plan also features coverage for expenses sustained by a business when dealing with an insured event.

Hiscox first rolled out SIR coverage in 2017 with an aim to help businesses to deal with security and crisis events ranging from the impact of terrorism to extortion risks.

The upgraded version of SIR product now incorporates ‘business integrity risks’.

Hiscox added this feature after perceiving that risks such as bribery, agent misconduct, contract and procurement fraud, embezzlement, social engineering and money laundering are creating ever increasing threat to multi-national businesses.

The cover also includes a new, fourth trigger, which responds on the ‘allegation’ of an insured event and allows clients to use the policy to alleviate an incident at its earliest stages, or even to help avoid an insured event altogether.

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By GlobalData

SIR product director Gareth Bateman said: “Businesses are dealing with an ever-changing risk and security landscape both at home and abroad.

“We have recognised the evolution of these threats and have enhanced our successful SIR product to provide cover for 19 additional insured events, with a focus on business integrity risks such as bribery and corruption, embezzlement, and financial statement fraud.

“The growth in regulatory action against businesses globally reflects the added risks to businesses of experiencing a damaging prosecution related to an incident such as internal bribery – our clients have told us this is an important area of protection for them.”

The SIR product offers accessible incident response, crisis management, strategic advice and recovery services for various types of threats including criminal, political, terrorism, political violence, and business integrity risks as well as information risks, kidnap, detention and extortion risks.

It also offers access to major global risk consultancy Control Risks and includes cover for all of Control Risks’ costs to help businesses manage a crisis.