Hiscox upgrades incident response cover

Hiscox has upgraded its Security Incident Response (SIR) product to include additional protection for business integrity risks including corruption and fraud. The new policy also includes cover for expenses incurred by a business when dealing with an insured event.

Originally launched in 2017, the policy is designed to support businesses in the management of a range of security and crisis events from the impact of terrorism, through to extortion risks. The addition of business integrity risks to the policy is a response to the growing threat to multi-national businesses from risks such as bribery, agent misconduct, contract and procurement fraud, embezzlement, social engineering and money laundering.

The revised wording now also provides reimbursement for expenses incurred during a crisis; this could include temporary physical security measures or the deployment of staff to an incident location. The cover also includes a new, fourth trigger, which responds on the allegation of an insured event having occurred. This complements the pre-incident response that SIR provides, enabling insureds to use the policy to mitigate an incident at its earliest stages, or even to help avoid an insured event altogether.

Commenting on the launch of the new policy wording, product director for SIR, 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.”

SIR also continues to provide clients with exclusive access to crisis management consultants at Control Risks.

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