Hiscox has 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.”