Howden has launched a unique cyber insurance platform with the goal of simplifying purchasing for small to medium-sized enterprises (SMEs).
The broker reported an estimated 75% of SMEs don’t carry cyber insurance and cyber activity in 2024 has already risen by 30% year-over-year. In 2023, ransomware events increased 85% from 2022, Howden added.
The platform is intended to make cyber insurance “much easier to buy without compromising underwriting standards” and is designed for businesses with revenues up to $250 million.
The platform, backed by three global insurers, requires just four pieces of information about a firm – name, industry, annual revenue, and website. Additional data is gathered via open APIs, reducing the demand on applying businesses.
“Cyber insurance is predominantly purchased by large corporates because they typically have the resources to navigate an advanced procurement process,” said Jean Bayon de la Tour, international head of cyber for Howden. “Our new cyber platform addresses this imbalance by providing SMEs with a simple process to obtain top-quality cyber insurance cover in just a few hours, which includes 24/7 assistance and access to advanced data and analytics software including Cyberwrite, which provides additional insights to clients before, during and after policy inception.”
An AI-powered bot will answer questions from clients and brokers about cyber risk and insurance, Bayon de la Tour added. He cited the “enhanced wordings, no sublimits on key covers, and breach response” available via the program.
Shay Simkin, Global Head of Cyber, Howden, said: “Howden has accessed the insurance markets pool of cyber expertise to close the protection gap by ensuring that SMEs can access advanced cyber insurance solutions,” said Shay Simkin, global head of cyber at Howden. “Sixty percent of SMEs without cyber cover face bankruptcy within just six months of experiencing a cyberattack, and our new platform ensures that they have the knowledge and tools they need to make their businesses more resilient.”