At Howden we very much feel that our values are aligned with RICS in enforcing the highest of standards and assisting firms to protect themselves and their clients.
Our valuable Cyber offering for RICS members affords discounted rates and is underwritten by CFC, one of the world's leading Cyber Insurers and winners of multiple awards at the Insurance Cyber Ranking awards including Cyber Underwriting firm of the Year 2018 for the second year running.
RICS' sectors rely on people, technology, data and reputation to operate business every day and therefore all have an exposure to potential cyber incidents. Statistics reported from Hiscox in a recent BBC article stated that 55% of UK firms had faced an attack in 2019, an increase of 40% from last year.
Adding to this report we would also highlight that, whilst employees are a business's greatest asset in the world of Cyber security they are also regarded as one of your biggest business risks. This is a result of a lack of awareness to the numerous risks faced, genuine employee (human) error, using commonly found passwords such as 123456 and being a constant target of malicious emails making it difficult to fend off every security threat.
Cybercriminals are also becoming more inventive every day resulting in a constantly evolving threat. Cyber liability Insurance is a form of Risk Transfer which alongside other good security practice methods will inspire confidence in your business.
There is a common misconception that, owing to the breadth of the RICS minimum PII terms, the PII policy will respond to all potential claims. Your PII policy is triggered by a claim being brought against you, which isn't going to be the case for a majority of Cyber incidents.
First party losses (which are your own losses) are the main and increasing cost of Cyber claims through incident response services and business interruption costs. These increasing costs in the UK have also been directly impacted by the General Data Protection Regulation (GDPR) requirements that came into effect on 25 May 2018.
A Cyber policy in the information age in which we live and do business, is now an essential part of your risk management and governance strategy.
For friendly informal guidance on any aspect of your business insurance arrangements, please contact: