Hiscox
About Hiscox
Hiscox is a specialist insurance company. It offers errors and omissions, cyber and data security, media liability, entertainment production risk, general liability, professional liability, crime, ransom, terror, and property insurance through brokers and directly online to small businesses.
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Research containing Hiscox
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Hiscox in 2 CB Insights research briefs, most recently on Apr 20, 2023.
Latest Hiscox News
Dec 7, 2023
December 7, 2023 The less-than-encouraging news: Only a third (33%) of US small businesses consider cyber risk high or very high. The somewhat encouraging news: 53% of U.S. small businesses have either a standalone cyber insurance policy or have cyber coverage through another policy. The annual Hiscox Cyber Readiness Report , which gauges businesses’ preparedness to combat cyber incidents and breaches, surveyed over 5,000 cyber security professionals across the globe, including more than 500 small business professionals in the U.S. Among the US businesses surveyed, the reported median cost of cyberattacks has decreased from $10,000 in 2022 to $8,300 in 2023. However, the median number of attacks has risen from three in 2022 to four in 2023. While over half (53%) reported that they are insured against cyberattacks, preventative measures in systems and training lag. Despite a 10% increase in median IT budgets and a 24% increase in cybersecurity spending over the last 12 months, 59% of small businesses don’t use security awareness training. Two out of five (43%) businesses surveyed don’t have network-based firewalls, and 41% surveyed do not use data backup recovery and restoration systems. When it comes to cyber expertise, 63% of small businesses in the US are intermediates, and only 4% are cyber experts. “In the never-ending arms race of cyber criminals versus cyber security, new technology developments and employee training can tip the scales either way,” said Chris Hojnowski, Vice President and Product Head of Technology and Cyber for Hiscox in the US. “Phishing is still the most common point of entry for ransomware attacks, and new developments like AI can undermine our tried and trusted ways of spotting a phishy email,” he said. “Proactivity is the best form of defense when it comes to cyber, and a team is only as strong as the weakest link – or least-trained employee – in the chain.” Both training and up-to-date system protection are critical to stopping attacks. In ransomware attacks, the most common points of entry were phishing (53%), unpatched servers/VPN (38%) and credential theft (29%). Is paying the ransom worth it? The numbers say probably not. Among businesses that paid ransoms, only half (50%) recovered all their data, and 27% of the time, hackers made additional demands for money. On top of that, 50% of businesses that paid a ransom were forced to rebuild systems.
Hiscox Frequently Asked Questions (FAQ)
Where is Hiscox's headquarters?
Hiscox's headquarters is located at New York.
Who are Hiscox's competitors?
Competitors of Hiscox include Cowbell Cyber, Next Insurance, Thimble, Superscript, Elpha Secure and 7 more.
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Compare Hiscox to Competitors
Next Insurance provides insurance services, specifically tailored to the needs of small businesses. The company offers a range of insurance products including general liability insurance, worker's compensation insurance, professional liability insurance, commercial auto insurance, and more. The company was founded in 2016 and is based in Palo Alto, California.
biBERK is a company that specializes in providing insurance services, operating within the insurance industry. The company offers a range of insurance products for small businesses, including workers' compensation, professional liability, general liability, business owners' policies, commercial auto, and umbrella policies. These products are designed to cover various risks such as work-related injuries, professional errors and omissions, third-party property damage, and more. biBERK primarily serves the small business sector across various industries such as accounting, finance, healthcare, information technology, and transportation. It is based in Omaha, Nebraska.
Hourly offers a platform enabling small business owners to pay, manage, and protect their hourly workers. The company services include payroll management, workers' compensation insurance, payrolls, and time tracking. Its primary customers are businesses from various sectors such as electricians, landscapers, carpenters, plumbers, accountants, janitors, cleaners, restaurants, bars, retailers, and event organizers. It was founded in 2018 and is based in Palo Alto, California.
Synchronosure develops a digital underwriting platform designed to provide insurance services to emerging industries and small businesses. The company's platform uses artificial intelligence from devices and pulls the required underwriting information regarding a particular account for the world wide web. The company was founded in 2019 and is based in Raleigh, North Carolina.
Embroker operates as a digital insurance company. It offers custom-built insurance policies that are underwritten instantly with real-time claims tracking for small and mid-sized enterprises. The company was founded in 2015 and is based in San Francisco, California.
Trava is a company that focuses on cybersecurity, specifically in the Software as a Service (SaaS) sector. The company offers services such as compliance project and program management, virtual Chief Information Security Officer (vCISO) services, and vulnerability management, all aimed at simplifying and strengthening the security strategy of businesses. Trava primarily caters to the SaaS industry, providing cybersecurity solutions and services. Trava was formerly known as Reef. It was founded in 2020 and is based in Indianapolis, Indiana.
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