Cyber Liability Insurance

Data has become one of the most valuable resources globally. Both individuals and businesses, regardless of size or industry, increasingly depend on technology and data, facing a range of cyber risks that cannot be ignored.

As the threat landscape becomes more extensive and complex, businesses in Singapore are encountering growing cyber risks such as phishing, insider threats, malware, and targeted ransomware. A cyber attack can disrupt operations, incur significant costs, and harm your long-term reputation.

Cyber Insurance: Protection Beyond Privacy Breaches
Many cyber insurance claims are not related to privacy breaches. Severe threats include cybercrimes such as fraudulent transfers from online bank accounts or ransomware attacks that lock critical business systems.

Here are five ways cyber insurance can support your business during a cyber event:

1. System Damage & IT Forensics
   Breaches often result in system damage, such as compromised records, unsaved data, or missing files. Cyber insurance provides access to IT experts who can identify the root cause, suggest steps to minimize damage, and cover the costs associated with diagnosing and resolving the issue.

2. Business Interruption
   Covers loss of profit due to system outages, including financial losses from reputational damage, such as contract cancellations or lost repeat business directly resulting from a cyber event.

3. Privacy and Network Liability
   Covers defense costs and compensation for which you are legally liable, including failures in data protection, breaches of confidentiality, or accidental virus transmission.

4. Regulatory Action
   Covers legal costs and expenses related to compliance with notification requirements or attending regulatory investigations, including fines and penalties from Payment Card Industry (PCI) breaches.

5. Cyber Crime
   Provides coverage for electronic theft of funds, including scams where victims are deceived into transferring funds to criminals, and extortion (subject to policy terms).

   Why Cyber Insurance?
   Even with the strongest IT security measures, human error can still occur, and a single mistake can lead to significant issues. As businesses increasingly depend on technology to achieve their goals, the risks of financial loss, data breaches, or system failures due to accidental or malicious actions are higher than ever. Without a solid cyber protection strategy, business leaders are essentially risking their entire investment and, depending on their financial reserves, their very survival.

   Your Emergency Support System
   Just as you call the fire brigade if your building is on fire or the police if your office contents are stolen, who do you turn to when you face a cyber breach, system disablement, or a social engineering scam? The financial impact of a cyber incident can be severe for businesses lacking in-house resources or expertise. Cyber insurance provides 24/7 access to experienced experts who can quickly address the threat and mitigate its consequences:

   • Cyber Forensic Experts: Skilled in assessing the severity of incidents, identifying compromised data, negotiating ransom, and restoring data when backups fail.

   • Specialist Lawyers: Offering legal guidance on potential compensation claims, fines, notification obligations, and regulatory reports within legal deadlines.

   • Public Relations Professionals: Assisting with crisis communication to manage employee and customer messaging, protect your brand reputation, and retain customers.

   Why Choose Howden for Cyber Insurance?
   With Howden, you’re supported every step of the way before, during, and after a cyber incident. We help you navigate your cyber journey with expert knowledge and tools to ensure business resilience. Leveraging our strong insurer partnerships, we negotiate the best deals and ensure you understand how your policy responds to cyber incidents. Our experienced claims team is there to assist throughout the claims process.

   • Award-Winning: Recognized as the 2020 Cyber Risk Awards winner.
   • Expert Team: 100 dedicated cyber risk specialists globally.
   • Experienced Claims Team: Skilled in legal, technical, and claims management.

   Specializing in Cyber Troubleshooting
   Howden goes beyond just providing coverage; we assist in dealing with insurers. Instead of handling potentially confrontational situations on your own, our friendly, professional brokers leverage our strong relationships with insurers to achieve fair resolutions quickly, always prioritizing your interests.

   Risk Management and Policy Review
   We help you effectively onboard your cyber policy to maximize its benefits and continuously assess your cyber risks. As the digital landscape evolves, we keep you updated with the latest trends through our newsletters and ensure your policy is responsive to emerging challenges by testing policy wordings with real scenarios to identify and address potential gaps.