HSB Canada, part of Munich Re, rolled out HSB CyberPro – a new cyber insurance product aimed at businesses pulling in up to $2 bn in annual revenue. Brokers across Canada can offer it now.
The launch comes after nearly two decades of cyber insurance experience inside HSB, including primary market underwriting since 2016.
CyberPro folds in specialized claims services, real-time threat monitoring, and mitigation tools. The pitch isn’t just about coverage – it’s about equipping businesses to deal with live cyber events and ongoing regulatory, legal, or tech-driven risk shifts.
Stephanie Banning, head of cyber practice at HSB, said the product was designed with distribution partners to hit a sweet spot: broad but customizable coverage, so customers feel ready when something ugly happens online.
The launch of HSB CyberPro with our strategic distribution partners will meet the needs of their customers with broad coverage that is uniquely customizable
Stephanie Banning, head of cyber practice for HSB
“The coverage gives businesses the confidence to respond to an unexpected cyber attack,” said Stephanie Banning.
The coverage stretches wide. First-party and third-party protection across cybercrime, ransomware, business interruption, system failures, data restoration, forensics, legal advice, and crisis response.
Industries targeted range from retail and hospitality to construction, non-profits, transportation, and wholesale trade. It’s a big net, on purpose.
On top of insurance, CyberPro comes with Cyber Safety – HSB’s risk management platform.
That means monitoring for weak spots in systems or websites, access to cyber and legal specialists, ransomware prevention playbooks, policy templates, and staff training tools.
The extras are pitched as proactive support, not just a patch after damage is done.
HSB has a 150-year history in engineering-based insurance solutions, and its Canadian arm pushes equipment breakdown, cyber risk, and other specialty lines.
The cyber insurance market in 2025 is showing two conflicting trends. Large corporates are tougher, with better-prepared systems that cut into the cost of major attacks.
Yet, the threat environment is still expanding, with attackers shifting tactics and targeting smaller firms that lack the same resilience.
Through the first half of this year, Allianz counted about 300 cyber claims, roughly level with last year’s pace. The difference lies in severity.
The analysts warn that doesn’t mean the danger is fading. Supply chain reliance, tighter privacy laws, and more convincing social engineering are widening the scope of risk.
Claim size has dropped more than 50%, and large-loss claims are down 30%. The shift reflects years of investment in cyber detection and incident response at global firms.
The bigger umbrella, Munich Re, runs as one of the largest reinsurers and primary insurers on the planet.
Founded in 1880, it built a reputation for technical risk expertise and financial heft. By the end of 2024, Munich Re employed about 44,000 people worldwide, reported €60.8 bn in insurance revenue, and booked a net result of €5.7 bn.
Its portfolio spans rocket launches, renewable energy, artificial intelligence, and cyber – with CyberPro now part of that global push.
