New incident response product protects US businesses against a range of threats including terrorism, bribery, extortion and industrial espionage.
New York (July 18, 2017): Hiscox, the international specialist insurer, today announced the launch of Security Incident Response (SIR), a new security response coverage in the US designed to combat a growing range of terror, criminal and political violence threats. SIR – initially rolled out in Europe earlier this year – helps businesses protect their people, operations, brand and reputation by complementing existing business security resources or, where necessary, acting as a standalone security function.
SIR equips organizations of any size – from small and medium sized businesses up to larger multi-nationals – with affordable and easily accessible incident response, crisis management, strategic advice and recovery services for a wide range of threats including criminal, political, terrorism, and political violence risks, as well as information risks such as cyber threats, and kidnap, detention and extortion risks. It also provides the resources to help businesses build a sophisticated resilience program to prevent incidents occurring.
The product – filed in all US states and the District of Columbia – provides exclusive access to leading global risk consultancy Control Risks and includes cover for Control Risks’ costs to help a business manage a crisis, including the deployment of response consultants and technical experts, as well as post-incident reporting and remediation services to ensure a smooth return to business as usual.
Kevin Henry, Deputy Chief Underwriting Officer for Hiscox Special Risks, says: “In recent years we’ve witnessed an increasingly uncertain security picture. Terrorist attacks in Paris, London and Brussels as well as incidents closer to home such as the Orlando night club attack in Florida and the San Bernardino shootings in California, have served to emphasize that businesses of all sizes face a wide range of threats to their people and operations.”
Henry added: “Whether it’s a terrorist firearms attack, a criminal threatening extortion, or a manufacturer’s plan to shut down plant operations leading to violent worker activism, our Security Incident Response coverage means that businesses of all sizes – whether they have an existing security capability or have no such resources to draw on – can access world-class incident response and recovery services with only one phone call. The nature of the policy removes the financial uncertainty associated with engaging security consultants and responding instantly to complex integrity and security-related issues anywhere in the world, offering businesses peace of mind and reassurance that they will meet their duty of care obligations.”
Richard Fenning, Chief Executive Officer at Control Risks, said: “Today, as never before, businesses face a multitude of complexities and increasing uncertainty. The reality is that risk is everywhere, with the distinction between safe home markets and dangerous foreign ones becoming marginal as risks increasingly come home through political, regulatory, cyber and terrorism threats. We are delighted to be extending our relationship with Hiscox through the launch of SIR, 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.”
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2016 helped generate gross premiums written of £2,402.6 million and a record profit before tax of £354.5 million.
The Hiscox Group employs over 2,300 people in 13 countries, and has customers worldwide. Through the retail businesses in the UK, Europe and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re and ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. This information is neither intended nor should be construed to be a solicitation for the purchase of insurance by any US person or entity. For further information, visit www.hiscoxgroup.com.
About Control Risks
Control Risks is a global risk consultancy specialising in political, security and integrity risk. The company enables its clients to understand and manage the risks of operating in complex or hostile environments. Through a unique combination of services, wide geographical reach and by adopting a close partnership approach with clients, Control Risks helps organisations effectively solve their problems and realise new opportunities across the world.www.controlrisks.com (external link)
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