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Cyber Insurance
Gain financial protection and the critical first response support required to investigate, control, mitigate and remove cyber security threats.
No matter how robust your IT security protocols, they can't prevent human error, and it only takes one person to make a mistake.
As businesses rely more and more on technology to achieve their goals, the risk of losing money and data, or having technology rejected or fail due to an accidental or malicious incident, has never been greater. Business leaders who don't have a well thought-out cyber protection strategy are in fact playing with whatever funds they have to grow their business. Or, depending on their cash reserves, their very survival.
Threats in the digital age
Today, data is one of the most valuable resources available to businesses. Whatever their size or sector of activity, companies are using new technologies and data to serve their core business, and are more than ever faced with cyber risks that can no longer be ignored.
The cyber threat landscape continues to expand and become more complex:
- Targeted ransomware,
- Hacking,
- Phishing,
- Malware,
- Compromised business emails,
- Fraud,
- Data breaches,
- Social engineering,
- Employee error.
A cyber attack is often crippling and can significantly slow down your business, cost millions and damage your reputation in the long term.
Cyber insurance - protection that goes far beyond breaches of privacy
Many Cyber insurance claims are not related to privacy breaches. Cyber crime is seen as the biggest threat to a business when funds are fraudulently transferred from online bank accounts or critical computer systems are blocked by ransomware attacks.
Here are five situations where a Cyber insurance policy can help your business when it falls victim to a cyber attack:
Damage to the information system: it is rare for a data breach not to cause damage to the information system. Records are compromised, data is not backed up, files are missing. Cyber insurance allows you to call in IT experts to identify the cause of the problem, recommend measures to limit the damage and cover the costs incurred in determining the origin of the problem and resolving it.
Business Interruption: cover your loss of earnings due to a system failure. Cover can include your financial loss caused by damage to your reputation, for example if your customer cancels a contract or you lose regular customers because you have suffered a cyber attack.
Breach of confidentiality: cover defence costs and compensation that you are legally obliged to pay to a third party, including, for example, in the event of a failure to protect personal data, a breach of confidentiality or the unintentional transmission of a virus.
Regulatory Obligations: legal fees and expenses to comply with notification requirements or attend a regulatory investigation, including fines, penalties and Payment Card Industry (PCI) assessments following a payment card breach.
Fraud: in the event of an intrusion into the information system that results in the misappropriation of funds, a Fraud insurance policy would cover such a loss. Howden's teams are at your disposal to help you set up such a policy.
Your Cyber emergency service
Your building is on fire, you call the fire brigade. The contents of your office are stolen, you call the police. Who do you call when you suspect or suffer a breach, when your IT systems have been disabled and access to your network blocked, or when you've been the victim of a social engineering scam and have divulged sensitive data?
The financial impact of a cyber incident can be very damaging to businesses that do not have the internal resources, expertise or budget to effectively mitigate cyber risks.
Cyber insurance gives you instant access, 24/7, to highly experienced experts to neutralise the threat as quickly as possible and mitigate the consequences:
- Trained and experienced cyber forensics experts to analyse the severity of an incident, the data compromised, negotiate ransom demands and restore data when backups fail.
- Specialist lawyers to provide legal advice on any compensation claims made against you and the fines incurred, notification requirements, assistance in drafting reports to regulatory authorities, all within the timeframes imposed by law.
- Public relations professionals to provide crisis communications and public relations assistance to help decide what messages to convey to employees and customers to avoid long-term damage to brand reputation and loss of customers to competitors.
Assistance against cyber attacks is our speciality
With Howden, you don't just get cover for your cyber risks:
- We help you deal with insurers: dealing with an insurer on your own can be a bit confrontational; it's better to communicate through a professional broker, with whom they are used to working, not least because they bring in millions of euros in business every year. The mutual respect between insurers and an international broker means that we can quickly reach a fair solution, always acting in your best interests.
- We manage your risks: we help you adhere to your cyber policy correctly to maximise its use, we also quantify your cyber risks and alert you to changes over time. The digital and cyber landscape is constantly evolving. We share the latest news and trends with you through our newsletters so that you are always aware of how your Cyber cover may be affected.
- We review the wording of your insurance policy: subtle differences in the wording can create gaps you may not even realise exist. Identifying these gaps early on can save you a lot of trouble later on. We constantly test policy texts using real-life scenarios to ensure that they are fully up-to-date and meet the latest challenges.
Why choose Howden ?
- Cnderstanding your challenges: a precise knowledge of your business sector and the risks incurred by companies
- Global approach: a 360-degree approach integrating advice, placement, management and support in the event of claims
- Expertise: a team of Cyber specialists integrated into our customers' service teams at all times
- Responsiveness & Availability: We're with you before, during and after a cyber-attack or incident. We support you on your Cyber journey by ensuring you have the knowledge and tools to achieve business resilience, leveraging our strong partnerships with insurers to negotiate the most appropriate policies on your behalf
- Support at every stage of your development: from seed through international expansion, right through to IPO on a French or foreign market
- Adaptation & Network: local expertise through our regional offices and access to our integrated Howden One international network present in over 100 countries
- Defending your interests: a commitment to short settlement times, a solid legal approach to guarantee the protection of your rights and interests, a network of specialised claims managers in France and abroad
Contact
Leopold Larios
Leopold Larios
Cyber Director
Leopold Larios holds a Master's degree in Finance (Major in Insurance & Risk Management) and a Master's degree in Computer Sciences for Finance from the University of Paris Dauphine. He has over 25 years of experience in operational and digital risks, as well as cyber risk. Previously, he was the Director of Cyber Offer at Descartes, where he established the Risk Manager function in several large groups. He also served as the Risk Manager of the Edenred group for 7 years before becoming the Chief Risk Officer for the Mazars group for 5 years.
