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Insurer Hiscox launches security incident response policy

Published 27 January 2017

Specialist insurer Hiscox has launched new Security Incident Response (SIR) policy designed to address the changing risk landscape.

SIR will enable organisations to fulfil their duty of care obligations to protect people, operations, shareholder value and long-term brand and reputation.

A marauding terrorist firearms attack occurs in a major European city, leading security forces to implement a regional ‘lock down’ and forcing businesses to cease trading. A manufacturers’ plan to shut down plant operations leads to violent worker activism.

A consulting firm bidding on an infrastructure project discovers a bribe has been demanded. All of these scenarios are real threats facing organisations in today’s rapidly evolving and increasingly complex risk environment.

The SIR policy indemnifies against a broad range of perils including: criminal risks; political risks; terrorism and political violence risks; information risks; and kidnap, detention and extortion risks.

It equips organisations with the best available incident response, crisis management, strategic advice and recovery, thanks to Hiscox’s exclusive partnership with leading global risk consultancy Control Risks, who have over 40 years’ experience in the field.

This policy covers all of Control Risks’ activities to help clients manage an incident, including the deployment of response consultants and appropriate technical experts, post-incident reporting and remediation to ensure a smooth transition back to business as usual.

Hiscox Special Risks director Charlie Hanbury said: “There is growing demand amongst clients and brokers for a comprehensive corporate security insurance offering, beyond what has traditionally been available, and we are pleased to bring this product to the market.

“Not only does our SIR policy remove the financial volatility associated with engaging security consultants, it also acts as a virtual security department to respond to complex security-related issues worldwide – giving clients total peace of mind.”

Control Risks CEO Richard Fenning said: “Today, as never before, businesses face a multitude of complexities and increasing strategic uncertainty. The reality is - risk is everywhere - the distinction between safe home markets and dangerous foreign ones has become marginal as risks increasingly come home through political, regulatory, cyber and terrorism threats.

“Recognising this, we are delighted to be extending our relationship with Hiscox, drawing upon Control Risks’ 40 years of experience and its global expertise, to provide crisis support to organisations across this broad range of potential threats.”

Source: Company Press Release