Case study: Supporting a manufacturer through a cyber crisis

A publicly listed manufacturer that is headquartered in Singapore faced a ransomware attack that threatened to expose confidential corporate and customer data. The incident posed significant reputational and operational risks. To compound the crisis, their insurer’s initial interpretation of the policy terms - specifically the application of excess and co-insurance - threatened to reduce the indemnity payout by over S$30,000, potentially leaving the company exposed to substantial financial loss.

How Howden Helped

Cyber incidents can be really daunting for any company. As the manufacturer navigated the complexities of the ransomware attack, Howden supported them along the way with a hands-on, strategic approach.

Proactive incident engagement

Our Financial Lines  experts immediately mobilised to support the client’s internal response team. Given the client’s listed status, we swiftly secured NDAs despite the insurer’s complex approval protocols; so that the claim could be confidentially and promptly notified without delay.

We worked closely with the company’s incident response manager to ensure that the insurer was kept fully informed of all developments in real time from the initial breach notification to forensic updates and containment efforts. 
 

By managing this communication on the client’s behalf, we removed a significant burden during a high-pressure situation, allowing the company to focus fully on mitigating the cyber threat.

Multi-stakeholder coordination

A cyber crisis involves many different stakeholders at a very fast pace - from legal counsel to forensic investigators, and ransom negotiators to incident response managers. 

Our Financial Lines experts played a central role in aligning communications and ensuring insurer requirements were met across all parties. This helped avoid delays and kept the claims process on track throughout the incident.

Expert claims advocacy 

As the insurer began assessing the claim, our in-house claims experts identified discrepancies in the application of excess and co-insurance. We challenged the insurer’s initial interpretation, presenting a detailed analysis of the policy wording and the incident context. Through persistent and informed advocacy in multiple rounds of negotiation, we structured and presented documentation in line with insurer expectation, reducing disputes and ensuring a smoother claims assessment process.

Ultimately, our efforts secured a reassessment of the insurer’s deduction. As a result, the insurer not only increased their interim indemnity offer, but also acknowledged the validity of Howden’s interpretation of key policy wording, setting a positive precedent for future claims .  

The results

Howden’s support in this cyber crisis directly enabled the company to recover a higher indemnity – the final payout  was significantly higher than the initial offer. 

As a result of our claims advocacy, the insurer acknowledged and corrected their erroneous application of excess and co-insurance, reversing a potential reduction in indemnity. The claim was settled at the full policy limit, helping the client maximise their coverage and mitigate the financial impact of the cyber attack. 

This case highlights the vital role of a broker; not just in placing insurance, but in standing by clients when it matters most. At Howden, we go beyond transactional support to deliver strategic advocacy, ensuring our clients get the outcomes they deserve.

Find out more about our Cyber risk capabilities.