Howden inaugurates SME cyber insurance platform

Only one in 10 SMEs invest in cyber insurance.

Howden has launched its first cyber insurance platform catering to small and medium enterprises (SMEs), offering businesses with revenues of up to $250m access to cyber coverage. Supported by three global carriers, the platform offers up to USD 6 million in coverage.

Clients are pre-approved and need only provide their name, industry, annual revenues, and website for a quote. Additional data is gathered via open APIs to maintain underwriting standards.

Historically, only 14% of SMEs have had cyber insurance coverage. 

The platform includes 24/7 assistance and advanced analytics from Cyberwrite. Clients and brokers also have access to an AI-powered bot for cyber risk and insurance queries.

Shay Simkin, Global Head of Cyber at Howden, emphasised the importance of the platform, noting that 60% of SMEs without cyber cover face bankruptcy within six months of a cyber-attack.