Small and medium-sized businesses (SMEs), already juggling numerous demands, now face the added pressure of fortifying their cyber defenses. While cyberattacks pose a serious threat to their financial stability, securing cyber insurance and navigating complex security protocols can be a daunting task for businesses lacking the resources of larger corporations.
Enter insurance broker Howden. They have launched a new platform specifically designed to make cyber insurance more accessible to small and medium-sized enterprises (SMEs).
With cyberattacks on the rise, particularly against SMEs, Howden’s platform aims to bridge the gap by simplifying the application process. Only 14% of SMEs currently have cyber insurance, leaving a significant portion vulnerable.
Streamlined Process for Faster Coverage
Traditionally, obtaining cyber insurance can be a complex process for businesses of any size. Howden’s platform cuts through the red tape by allowing SMEs to purchase coverage in just four steps. Gone are the lengthy questionnaires and technical jargon.
Businesses with revenue under $250 million can receive a quote directly through the platform by providing just four pieces of information: company name, industry, annual revenue, and website. The platform then securely gathers additional data to uphold proper underwriting standards.
Addressing the SME Protection Gap
“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, Howden’s International Head of Cyber. He added, “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.”
Howden’s Commitment to SME Security
Howden’s platform goes beyond simplified applications. The company offers industry-leading policy terms, including clear language, comprehensive coverage, and breach response assistance. To further educate clients, Howden offers an AI-powered bot to answer questions about cyber risk and insurance.
“Howden has accessed the insurance market’s pool of cyber expertise to close the protection gap by ensuring that SMEs can access advanced cyber insurance solutions,” said Shay Simkin, Howden’s Global Head of Cyber. “60% of SMEs without cyber cover face bankruptcy within just six months of experiencing a cyber-attack , and our new platform ensures that they have the knowledge and tools they need to make their businesses more resilient,” said Simkin.
Howden’s new platform is a noteworthy step towards making cyber insurance more accessible and affordable for SMEs, a growing sector of the global economy.
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