An insurer has launched a new policy that it calls Security Incident Response (SIR). The company says that it’s designed to address the changing risk landscape, for fulfilling 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 make a regional ‘lock down’ and forcing businesses to cease trading. A manufacturers’ plan to shut 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, says the insurer Hiscox.
The firm adds that its SIR policy – in a partnership with risk consultancy Control Risks – indemnifies against perils including: criminal risks; political risks; terrorism and political violence risks; information risks; and kidnap, detention and extortion risks. This policy covers all of Control Risks’ activities to help clients manage an incident, including the deployment of response consultants and technical expertise, post-incident reporting and remediation to go back to business as usual.
Charlie Hanbury, Director at Hiscox Special Risks, 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.”
And Richard Fenning, pictured, Chief Executive Officer at Control Risks, 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.”
