Cyber insurance
Gain financial protection and the critical first response support required to investigate, control, mitigate and remove cyber security threats.
Threats of the digital age
Data is now one of the world’s most valuable resources. Individuals and companies of all sizes, in every industry, are increasingly relying on technology and data in some way or another, facing a range of cyber risks that can’t be ignored.
As the threat landscape expands in scale and complexity, businesses in Indonesia are grappling with increasingly complex cyber risks including phishing, insider threats, malware, and targeted ransomware. A cyber-attack can affect your ability to operate, cost millions and damage your long-term reputation.
Cyber insurance - protection from so much more than just privacy breaches
You'll be surprised to know that many cyber insurance claims are unrelated to privacy breaches. The most severe threat to a business can be falling victim to cybercrime, where funds are transferred fraudulently from online bank accounts, or business-critical computer systems are locked via ransomware attacks.
Here are five ways in which a cyber insurance policy can support your business when a cyber event happens to you:
1. System damage & IT forensics
It’s rare a breach doesn’t cause some system damage. Records are compromised, data isn’t saving, files are missing. Cyber insurance provides you access to IT experts to identify the root cause, recommend steps to limit your damages, and also covers the costs you incur to determine the cause of the problem and resolve it.
2. Business interruption
Cover for your loss of profit due to system outage. Cover can include your financial loss caused by reputational harm e.g. your client cancels a contract, or expected repeat business stops as a direct result of you suffering a cyber event.
3. Privacy and network liability
Cover for defence costs and compensation you are legally liable to pay to a third party, including, for example, failure to protect data, breach of confidentiality or unintentional transmission of a virus.
4. Regulatory action
Legal costs and expenses to comply with notification requirements or attend a regulatory investigation, including Payment Card Industry (PCI) fines, penalties and assessment as a result of a payment card breach.
5.Cyber crime*
Cover for the electronic theft of funds, including social engineering scams where a victim is tricked into transferring funds to a criminal, and extortion (*subject to policy provisions).
Cyber risk protection
Why cyber insurance?
No matter how robust your IT security protocols are, they cannot prevent human error, and all it takes is for one person to make one mistake.
With businesses increasingly relying on technology to drive core objectives, the risk of losing money and data, or technology being denied or failing due to accidental or malicious interference has never been greater. Business leaders without a well-thought-out strategy around cyber protection are effectively gambling with all their funds to develop their business. Or depending on your cash reserves, your very survival.
Cyber troubleshooting is our speciality. With Howden, you don't just get coverage for your cyber risks.
We help you deal with the insurers.
Dealing with an insurer can get a little confrontational; much better communicate through a friendly, professional broker who brings them millions of dollars of business each year. The mutual respect between insurers and a global brokerage means we can move quickly towards a fair resolution, always acting in your interests.
We manage your risks.
We help you properly onboard to your cyber policy to ensure you maximise its use, and also quantify your cyber risks and alert you of changes over time. The digital and cyber landscape is ever-changing, we share the latest news and trends with you via our newsletters so you are always in the know of how your cyber cover can be impacted.
We review your policy wording.
Subtle differences in wording can create gaps you didn’t even know were there. Identifying gaps early can save a lot of headaches later. We are always testing out policy wordings with real scenarios to make sure they are fully up to date and responsive to the latest challenges.