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Howden has offices in 30 countries and a network of partners in more than 60 locations. Whether you’re a multinational looking for a broker that’s truly global, or a smaller business looking to insure your local needs, we can help you.
“There are two types of business.....those who’ve been hacked and those that will be.” (The FBI, 2012)
Cyber-attacks are illegal attempts to access to organisations’ data or to disrupt their operations for criminal, espionage, politics or simply for mischief. Millions of attacks are launched at firms every day, some actually succeed in breaching these companies’ defences and wreak havoc.
An increasingly popular form of attack uses emails that appear to be from a known teammate, to trick people into installing malicious software – it’s an easy mistake that can lead to your business being locked down, losing money and held to ransom.
A growing number of breaches come from your employees (often disgruntled) with insider knowledge.
Cyber insurance means Howden is right by your side, before during and after your incident.
The standout benefits of cyber insurance are access to highly experienced experts to nullify the threat as quickly as possible and help mitigate disastrous consequences.
Cyber insurance gives you rapid access to experts who will:
1. identify the cause
2. contain the breach from spreading and doing more damage
3. deal with the fallout (including mitigating ongoing risks)
4. restore your organisation back to business as usual.
As well as your emergency incident response and the costs of reinstalling hardware and software, cyber liabilities policies offer cover for:
1. Forensic IT analysts to nullify the threat quickly
Using genuine specialists who know the modus operandi of the criminals and the nuanced behaviour of the latest threats companies can get to resolve the breach faster.
Forensic specialists deal with these threats every day – they hunt down the breach and restore security, to stop further business interruption and even prevent further regulatory investigation. Having these experts work alongside your team is a must-have for any breach incident.
2. Specialist lawyers to advise on incident handling and regulatory fallout
Get prompt advice from commercial lawyers with extensive experience of handling cyber claims, to help navigate a complex compliance situation and even fight your case if it comes to that.
3. Public relations experts with deep experience in crisis communications
Mandatory notification and disgruntled customers can leak information of your breach as potential news to media. If media responses are handled without the right Public Relations, your reputation could be damaged further which could have repercussions to your existing customers and stakeholders.
Maybe it’s not for you, but having diverse experts on hand can save you time when you are racing to contain your losses before they get completely out of hand.
Breaches are a stressful situation for even the best in-house talent. Expert help is advantageous all around - and you don’t want to be paying through the nose for specialists when your cyber crisis is already in full swing.
The huge range of connected applications and systems businesses use each day present a risk, particularly wherever one ‘talks’ to another.
Wherever people are involved in building, configuring or operating these interconnected systems, they can create inadvertent entry points for cyber criminals.
But cyber crime is much more about people than technology – that’s why insurance is so important.
There are many ways you can protect your business from some of the threat – using a combination of technology, process and people – but you can never eliminate them entirely. That’s where cyber insurance comes in – ready to pick up the pieces.
Help dealing with 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.
Cyber insurance briefing
To help you plan for and reduce risk, we provide seminars and training – to get the most of your policy before an incident happens.
Policy wording reviews
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.
If you’ve not budgeted for cyber insurance this year, remember that cyber criminals will not wait.