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May 17, 2019updated 27 May 2019 5:28am

HSB launches new farm cyber insurance platform

Munich Re subsidiary Hartford Steam Boiler (HSB) has launched a new HSB Farm Cyber Insurance solution.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

HSB Farm Cyber Insurance is designed to shield farmers and farm technology from hackers, malware and other cyber-attacks.

The offering, according to the company, will protect farmers against cyber-attacks involving computers and electronic devices located about the farm premises, including the farm owner’s residence.

Losses due to a data breach, computer attack, cyber extortion, or misdirected payment fraud will be covered by the offering.

Data collected across the farm, from farm machinery to drones, is protected, with coverage for the costs of restoring data and systems in the event of a cyber event, as well as the loss of income.

HSB Farm Cyber Insurance will offer coverage for the farm family, including identity theft, online fraud, and cyber bullying.

It will also cover damage from cyber-attacks on the family’s computer systems and connected home devices.

HSB added that its latest offering can also be bundled with its Farm Equipment Breakdown Insurance, which covers the repair or replacement of farm equipment.

James Hajjar, who leads the cyber practice for HSB’s reinsurance clients, said: “Innovative technologies are being deployed across the farming industry and data and information systems are helping farmers better understand how to maximize efficiency and production.

“With this new reliance on digital information and technology comes new digital security exposures.”

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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