Hiscox Ltd. has added a new cyber crime protection endorsement to its technology privacy cyber portfolio.
The coverage option provides additional protection against growing exposures related to cyber crime connected to business bank accounts, the insurer said in a statement Tuesday.
Small and midsize businesses have become more vulnerable to cyber crime as they make more transactions online, according to the statement.
“Technology is increasingly being used to attack or threaten businesses, but many companies are unaware of the new and growing exposures related to cyber crime that they may face," Jim Whetstone, professions practice leader at Hiscox USA, said in the statement.
“Most businesses would not be able to withstand an attack that emptied their bank account, but without proper coverage, getting reimbursed is not guaranteed,” said Matt Donovan, technology underwriting leader at Hiscox USA, said in the statement.