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The Hartford (HIG) Takes Initiatives to Reduce Cyber Risks

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The Hartford Financial Services Group, Inc. (HIG - Free Report) has enhanced its array of services in an effort to protect customers from cyber-attacks. The company has beefed up its cyber security with identification of digital risk exposure throughout the dark web from Terbium Labs, custom product that uses BlackBerry’s CylancePROTECT AI, and ML software to protect company infrastructure.

The latest technology and services would be able to act as a barrier to evolving cyber threats. Terbium Labs’ complimentary dark web scan offers a preview of exposure across the dark web, enabling customers to detect potential leak of sensitive information. The services include a custom report with an analysis of a company’s recent third-party data breach exposure along with a list of its employee accounts most at risk for account takeover, impersonation or phishing.

Additionally, CylancePROTECT provides customized high-efficacy endpoint security platform through a licensing tie-up with Verizon Managed Security Services (MSS). This includes AI and ML to identify security threats like ransomware; identifying and blocking of known and unknown malware before it enters the network; and installation, monitoring and alert response controlled via Verizon MSS.  It is expected to significantly reduce malicious cyberattacks.

The inclusion of these two new offerings complement the company’s range of cyber services that includes access to data privacy and cybersecurity attorney, automated security ratings, and 24/7 cyber claims hotline.
Earlier this year, the company collaborated with Mimecast to provide training programs that are intended to boost awareness about the increasing cyber threats while reducing human error.

Increasing use of information technology has resulted in an escalation in cybercrime. The digital revolution has created a highly interconnected world with sensitive data — personal, business and other — on networks, making many susceptible to cyber-attacks. Data breaches, electronic thefts and vandalism, denial of service attacks and copyright infringement are few challenges plaguing the companies big or small. This provides enough scope for insurance companies to provide cyber risk protection solutions.

Shares of this Zacks Rank #3 (Hold) company have gained 44.1% in a years’ time, outperforming its industry’s growth of 30.4%.

Stocks to Consider

Investors interested in the insurance industry can look into some better-ranked stocks like MGIC Investment Corporation MTG, Kemper Corporation KMPR and Hallmark Financial Services, Inc. HALL, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

MGIC Investment Corporation provides private mortgage insurance and ancillary services in the United States. The company beat estimates in the trailing four quarters by 12.6%, on average.

Kemper is a diversified insurance holding company, providing property and casualty, life and health insurance in the United States. This company beat estimates in the trailing four quarters by 16.4%, on average.

Hallmark Financial Services underwrites, markets, distributes, and services property/casualty insurance products to businesses and individuals in the United States. The company beat estimates in the trailing four quarters by 95.3%, on average.

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