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.

From targeted ransomware and hacking, to phishing, malware, email compromise, fraud, data breaches, social engineering and employee error, the threat landscape continues growing in size and complexity. 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).

Safeguard your business against digital threats

Transfer your cyber risk before it's too late

Step 1: Your company

2. What is your annual revenue in USD?
3. Desired insurance level (in USD)

Step 2: Your contact details

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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.

It's your "emergency service" support

Your building’s on fire, you call the fire brigade. Your office contents are stolen, you call the police. Who do you call when you suspect or suffer a breach, or your computer systems have been disabled and access to your network denied, or you’ve fallen victim to a social engineering scam and leaked sensitive data?

The financial impact following a cyber incident can be severely detrimental to businesses without the in-house resource, expertise or budget to effectively mitigate cyber risks. With cyber insurance, you can get 24/7 instant access to highly experienced experts to nullify the threat as quickly as possible and help mitigate consequences:

Cyber forensic experts

who are trained and experienced in analysing how serious an incident is, what data has been compromised, negotiating ransom demands, and restoring data when back-ups fail

Specialist lawyers

with legal advice surrounding potential compensation claims made against you and fines incurred, notification obligations, assistance in compiling regulator reports, all within the deadline imposed by law

Public relations professionals 

providing crisis communication and PR assistance in deciding what messages to give employees and customers to avoid long-term damage to brand reputation and loss of customers to competitors

Why choose Howden for Cyber insurance?

Cyber insurance with Howden means we are right by your side, before, during and after a cyber attack or incident.

We support you in your cyber journey by ensuring that you have the knowledge and tools to achieve business resilience, leveraging our strong insurer partnerships to negotiate the most appropriate deals on your behalf. We make sure that you know how your insurance policy can respond to a cyber incident, and have a strong, experienced claims handling team to support you during the claims process, should an incident occur.

Award-winning

2020 Cyber Risk Awards winner

Genuine cyber experts

100 dedicated cyber risk experts around the world

Experienced claims team

Skilled legal, technical and claims experts

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.