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Howden cyber liability insurance

Howden our preferred cyber liability insurance broker

Using over 20 year’s knowledge of the surveying profession, Howden has developed a bespoke cyber liability insurance product for RICS regulated firms.

Our member offer

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.

Don’t think it won’t happen to you

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.

Doesn’t my Professional Indemnity Insurance (PII) policy cover it?

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.

The Howden product

  • Howden ensures that our cyber proposition is aligned with the RICS PII policy with the aim of providing a joined up claims and coverage approach.
  • Access to 24/7 Specialist Incident Responders to assist you and manage any known or suspected events in order to mitigate downtime and any interruption.
  • Legal and Regulatory costs and assistance in notifying the Information Commissioners Office (IOC) as required by GDPR  and other regulatory and professional bodies as required.
  • Cover for costs and legal assistance for breach notifications as a data controller to data subjects as a result of a Cyber Event and credit monitoring services to those affected individuals.
  • Cover provides a Business Interruption Indemnity period of 12 months in order to fully restore operations and any potential loss of business as a result of reputational harm following an event.
  • Cyber Crime cover including theft of first and third party funds via social engineering, extortion and unauthorised use of computer resources such as cryptojacking.
  • Hardware replacement costs which may not be picked up under your property policy.
  • Comprehensive cover for data restoration and recreation should it be completely destroyed during a cyber event.
  • First party cover on an “each and every claim” basis, ensuring that policyholders aren’t restricted by a policy aggregate should you experience multiple cyber incidents in the same policy period.
  • Access to the highly sought after CFC Cyber Risk Management Services Portal - providing a Cyber risk rating report, Monitoring and breach alerts from searches of the Dark Web, Incident response plan builder and awareness training and videos.                               

Contact Howden

For friendly informal guidance on any aspect of your business insurance arrangements, please contact:

Lucy Woodford

Discover our full range of unique RICS offers