Specialty insurer Hiscox says it will add a new Cyber Crimeprotection endorsement to its Technology Privacy Cyber portfolio,providing protection against exposures related to cyber-crimeconnected to business bank accounts.

Hiscox's Technology Privacy Cyber portfolio provides US-basedbusinesses specialized protection for cyber crime and databreaches, says Hiscox.

In addition to Cyber Crime protection, the portfolio offerscoverage for:

• Technology Errors and Omissions.
• Privacy and Network Security Liability.
• Data Breach Costs.
• Cyber Business Interruption.
• Cyber Extortion.
• Miscellaneous Professional Liability.
• Multimedia Liability.

"Most businesses would not be able to withstand an attack thatemptied their bank account, but without proper coverage, gettingreimbursed is not guaranteed," says Matt Donovan, technologyunderwriting leader, Hiscox USA. "Hiscox has added the Cyber Crimeprotection endorsement to provide these businesses with protectionnot provided by many banks."

Hiscox, citing Guardian Analytics' 2012 Business Banking TrustStudy, notes that as much as $1 billion per year is being stolenfrom small- and medium-sized businesses' bank accounts, butfinancial institutions are only fully reimbursing those companiesabout 25 percent of the time.

"Business bank accounts have less protection and significantlyhigher liability for fraud than personal accounts," says Hiscox."Often, if the compromise occurs at the business and not at thebank, the bank will not reimburse companies for their losses."