Hiscox and Norton by Symantec launch small business cyber partnership

30th October 2017
  • Hiscox and Norton by Symantec launch a unique new software + insurance cyber solution
  • The complete cyber* package has been created specifically for small businesses with Hiscox Insurance, Norton Security software and 24/7 technical support
  • Almost half (48%) of UK small businesses were hit by cyber-attacks last year
  • More than 1 million new malware variants detected each day

London, UK (30 October 2017) - Specialist insurer Hiscox and Symantec, the world’s leading cyber-security company, have partnered to offer a software + insurance solution to protect and support small businesses as the threat of cyber-crime continues to evolve.

The complete cyber* offer is a unique package of insurance, software and 24/7 technical support designed to address the specific needs of small businesses and the multi-faceted threats they face conducting business in the digital world. The solution provides continuous protection against threats and peace of mind, should events occur by accident or maliciously.

The complete cyber* package from Hiscox and Norton by Symantec includes**:

Award-winning and market-leading Norton protection through Norton Small Business - a cyber-security solution customised to help support and protect small businesses with fewer than 20 employees - so they can thwart today’s most sophisticated threats

  • Security Software

Including 24 hour IT support and virus removal through Norton’s Virus Protection Promise (external link)[i]

  • Award-winning Support

Financial reimbursement of costs incurred from a data breach (including regulatory action or legal costs, forensics and support), loss of income due to a targeted hacking attack, damage repair to systems, ransom requests and claims made should an attack leave a business liable.

  • Insurance

Almost half (48%) of small or medium sized businesses (those with under 250 employees) in the UK suffered one or more cyber-attacks last year costing an average of £29,000 in business disruption, fines, compensation and loss of revenue or assets1. Despite this, analysis2 highlights worryingly low uptake in basic security measures, particularly amongst smaller traders (those with 30 employees or less). Amongst this audience, as few as:

  • 64% back-up critical data
  • 61% have network firewalls
  • 52% use paid-for internet security
  • 50% update passwords every three months
  • 43% have credit card payment protection in place
  • And just 32% have data breach actions plans in place

Further market insight3 highlights a general rise in cyber-crime globally, with more than 1 million new malware variants detected each day. The growing use of email as an infection point is now the weapon of choice for cyber-criminals, with one in every 131 emails containing a malicious link or attachment – the highest rate in five years. Overall, the UK remains the 7th highest country globally4 (and 3rd in Europe) in terms of source of cyber-attacks, after the United-States, China and Russia.

Stephen Ridley, Lead Cyber Underwriter at Hiscox UK and Ireland, commented: “These days it’s not a case of if a cyber-attack will happen, but when. That said, knowing what protection is right for your business can be a challenge, as the risks posed by cybercriminals continue to evolve. It’s vital that all businesses are proactive in protecting themselves against cyber-crime and ensuring they have the people, processes and protection in place to deal with the consequences if they do suffer an attack. For smaller enterprises in particular, this can often be a challenge, which is why we’ve teamed up with Symantec to bring these core capabilities together in one package.”

“Businesses today rely on multiple devices to conduct business and access information,” said Nick Shaw, vice president and general manager, Consumer Business Unit, EMEA, Symantec. “This free flow of information has created tremendous opportunity for small businesses and the cyber-criminals who target them. Under the upcoming GDPR, all organisations, even the smallest ones, will have to take cyber security measures to prevent data breaches and foresee remediation measures in case they occur. The unique partnership between Hiscox and Symantec will allow small businesses to help protect against and mitigate threats and risks.”

The complete cyber* offer from Hiscox and Norton by Symantec is available from https://www.hiscox.co.uk/business-insurance/cyber-and-data-insurance/complete-cyber

Ends

For further information please contact:

Hiscox Ltd  
Katie Bergin +44 (0) 20 7448 6459 [email protected]
Symantec  
Jennifer Duffourg +33 6 73 06 50 43 [email protected]

* The use of the word ‘complete’ is for descriptive purposes only and is not meant to imply that the use of the product will cover the user from all risks that may inure from the use of the internet. No single security software can provide 100% protection from risks involved in online transactions.

** The package from Hiscox and Norton by Symantec includes:

Security Software

Award-winning and market-leading Norton protection through Norton Small Business, a cybersecurity solution customized to support small businesses and protect them against today’s most sophisticated threats. Norton Small Business builds upon Symantec's proven multi-layer protection technologies, while adding small business features to enhance ease of use and management. Norton Small Business delivers much more than basic antivirus. Today's small businesses need the powerful layers of protection in Norton Small Business to stay protected against today's threats. Key features and benefits include:

Advanced cybersecurity – Powered by Symantec Insight and SONAR behavior-based technology, small businesses can stay protected with always-on protection and a 100% Virus Protection Promise

Viruses removed by an expert or your money back. Norton Small Business features proprietary Norton Mobile Insight app- scanning technology as well as remote locate, lock and wipe capabilities to help manage lost or stolen devices.

  • Flexible, right-for-me protection – Norton Small Business offers a subscription model to make it easy to add or transfer licenses based on changing business needs.
  • Multi-device protection – Protects multiple business and employee devices including PCs, Macs, Android smartphones and tablets, iPhones and iPads.
  • Enhanced support for small businesses – Allows employees to use Norton support directly and reach live agents without having to rely on business owners for troubleshooting.
  • Fast – A guided start tool allows small businesses to deliver protection to all devices with a single email.
  • Easy management – The web-based management portal makes it fast and easy to monitor and manage devices, ensuring protection levels across the business are current.

Award-winning Support

Including 24 hour IT support and Virus Protection Promise.

Insurance

Financial reimbursement of costs incurred from a data breach (including regulatory action or legal costs, forensics and support), loss of income due to a targeted hacking attack, damage repair to systems, ransom requests and claims made should an attack leave a business liable.

Cyber and data insurance is designed to support and protect you from evolving e-risks. It provides comprehensive cover for your computer systems and data, whether electronic or non-electronic. We will pay for claims made against you during the period of insurance arising from your cyber or data liability, up to the limit of indemnity shown in the schedule. We will also pay your legal defence costs incurred with our agreement for covered claims. Your policy schedule will state if such costs are included within the limit of indemnity or payable in addition to it.

We also pay for your own losses arising from cyber or data incidents occurring during the period of insurance, up to the limit of indemnity shown in the schedule.

We don’t just pay out when you suffer a loss or a claim is made against you, but we also work with a trusted panel of experts who are able to offer support in the event of a claim, helping to minimise the damage to your company. Your policy will also include access to Hiscox eRiskHub providing you with support and resources to help stay on top of evolving risks.

The limit of indemnity will be on an aggregate basis. This means that the limit of indemnity applies to the total of all claims made against you during the period of insurance. Each section of the policy is subject to separate limits of indemnity, with further limits for certain items such as forensic costs. Those limits are stated in the schedule, which you should check carefully.

You will be liable to pay the excess in relation to each claim or loss, which is shown in your policy schedule.

Notes to editors

  • Figures taken from the 2017 Hiscox Cyber Readiness Report 2017.

    Small business refers to businesses of 250 employees or less. Hiscox commissioned Forrester Consulting to survey more than 3,000 executives, departmental heads, IT managers and other key professionals responsible for the cyber-security decisions at their businesses in the UK, US and Germany (1,000-plus in each country). Respondents were drawn from a representative sample of businesses by size and sector. The online survey was completed between November 16 and December 5, 2016.

  • 400 online interviews were conducted by Incite in January 2017 among business decision-makers in SMEs with up to 30 employees.
  • Symantec 2017 Internet Security Threat Report, April 2017: https://www.symantec.com/security-center/threat-report (external link)
  • Top 10 countries for source cyber attacks are:
    • US
    • China
    • Brazil
    • India
    • Germany
    • Russia
    • UK
    • France
    • Japan
    • Vietnam

About The Hiscox Group
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, Asia 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. For more information, visit www.hiscoxgroup.com.

About Symantec

Symantec Corporation (NASDAQ:SYMC), the world’s leading cyber security company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec’s Norton and LifeLock product suites to protect their digital lives at home and across their devices. For additional information, please visit www.symantec.com (external link) or connect with us on Facebook (external link), Twitter (external link), and LinkedIn (external link).

[i] 100% Virus Protection Promise

* Virus Protection Promise: Virus Protection Promise is included with a Norton Small Business subscription purchase. If a Norton expert is unable to remove the virus from a device, then the subscriber may receive a full refund on the actual price paid for their current Norton subscription term, or the term of your current Norton subscription bundle. The refund will be net of any discounts or refunds received and less any shipping, handling and applicable taxes, except in certain states and countries where shipping, handling and taxes are refundable. The refund does not apply to any damages incurred as a result of viruses. See Norton.com/guarantee for details.


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