Why is it important?
Like other types of insurance, a cyber risks policy is a risk transfer mechanism which removes the burden of dealing with a cyber claim. This means that in the event of a cyber breach, your priority is to keep your business operating as normally as possible. A cyber policy supports you in recovery from a cyber-attack – without you having to pay external IT companies (who may charge thousands of pounds per day for remedial work) at the time you need help most.
Specialist cyber insurers are best equipped to navigate the challenges of returning your systems to operational status, paying ransoms, recovering funds that have been transferred to criminals by leveraging relations with international authorities, preserving customer and supplier trust, and dealing with the compliance of regulatory requirements.
What information is required?
Cyber policies are rated on a combination of turnover and security controls, which insurers can observe by undertaking a non-invasive scan of your public domains (emails and websites) to identify vulnerabilities. The insurers then provide a cyber risk assessment alongside their quotes to help you understand your vulnerabilities and provide you with guidance from IT engineers on how to correct them.
We’re here to help you
At Howden, we’re specialists in cyber risk insurance, with access to over a dozen cyber insurers with best-in-class coverage and additional risk management benefits.
We take a consultative approach by working with you to identify your needs, explaining the benefits provided by each insurer so you can be sure that you’ll get the maximum added value from your cyber policy.
If you’d like to know how we can support your business and protect your digital assets and business continuity, please contact:
If you would like to find out more about the SEA and/or membership, please visit: Membership – The surface engineering sector’s leading trade association