Making cyber-insurance hassle-free for SMEs

Howden Insurance Brokers believes SMEs face huge cyber risks and has dramatically simplified the cyber-insurance assessing & buying process:

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Amit Solanki believes that cyber insurance is not a luxury for SMEs, but a critical safeguard against operational disruptions

Incidents such as ransomware attacks, data breaches, and IT disruptions rank as the top global risk in the Allianz Risk Barometer and by a clear margin for the first time this year. Attacks on SMEs have grown significantly as larger companies ramp up their protections. With the explosion of generative AI, the current daily attacks are expected to multiply and become even more individualized. SMES are not safe from the growth of untargeted attacks, which are spread indiscriminately.

SIMPLIFIED CYBER INSURANCE FOR SMES

Imagine all your systems are shutting down. You can't service your clients. You have lost contact with suppliers. Your client's data is in third-party hands. Would you be ready for this scenario? Can you imagine the losses? 60% of SMEs without cyber coverage face bankruptcy within just 6 months of experiencing a cyberattack. The new platform ensures that they have the knowledge and tools they need to make their businesses more resilient.

Cyber risks cost the global economy 40 times more than the risks associated with fire. Despite this, the fire insurance industry is almost 5X the size of the cyber insurance industry. Cyber insurance is predominantly purchased by large corporations because they typically have the resources to navigate an advanced procurement process. SME clients have been historically underserved by the cyber insurance market, with only 14% of SMEs having cyber insurance coverage in place.