Cyber Insurance

Why choose Howden for Cyber insurance?

We've been providing insurance to communities as their local broker for over 30 years.

We therefore understand that ensuring that you are protected from cyber attacks is crucial for the fundamental health of your business.

Our team also acknowledges that each policy needs to be as individual as its owner and their business, and that’s why we provide a bespoke, personalised service, which focuses on getting to know you and finding out exactly what you want from your cyber insurance cover.

Benefits of working with Howden:

• You can trust us – we’re rated Excellent on Trustpilot.
• We’re driven to save you time, money, and hassle.
• Benefit from a tailored service that comparison sites can’t provide.
• Speak with your local branch, within your community.
• We’re right by your side in the event of a claim.

Do I need Cyber insurance?

If any of these apply to you, you should have cyber cover in place:

• Reliance on technology in any form which can include phone, laptop and any point-of-sale technology;
• Storing of client data;
• The making or receiving of wire transfer payments;
• Use of a business website.

You’ll be aware of regular cyber attacks targeting major UK retailers and institutions, and as those businesses have experienced, they can cripple the basic ability to trade.

Whilst it certainly grabs headlines when these large corporations who spend huge amounts each year on IT security fall foul of cyber crime, the reality is that smaller businesses are much more likely to suffer attacks of this nature. This is because attacks are increasingly automated with thousands of SME businesses being indiscriminately targeted at the same time, and these types of business generally have less cyber defence and awareness.

How can I protect myself?

Some effective ways to help you and your business in this area may sound simple, but can make all the difference:

• Update your password regularly and use a mix of upper and lower case letters, numbers and symbols;
• Set up multi-factor authentication (sometimes also called two-factor authentication);
• Ensure your systems are running on the most up to date versions of the software available;
• Be aware of phishing scams and be absolutely sure e mails you engage with are legitimate and from trusted sources.

How will a Cyber insurance policy help?

A Cyber Insurance policy can protect your business from a range of exposures including:

• Business interruption - cover for your loss of profit due to system outage or ransomware attack. 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;
• System damage - it’s rare a breach doesn’t cause some system damage. Records are compromised, data isn’t saving, files are missing. Cyber insurance covers the costs you incur to determine the cause of the problem and resolve it;
• Privacy and network liability - 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;
• Fines and penalties - resulting from a regulatory investigation and can include Payment Card Industry (PCI) fines, penalties and assessment as a result of a payment card breach;
• 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.