Howden has launched a cyber insurance platform for SMEs. Designed for businesses with revenues of up to US$250m, cyber insurance can be purchased in four steps directly through the platform, and promises no lengthy questionnaires or complex terminology used to get a quote.

The new platform, backed by three global carriers, provides limit up to US$6m capacity. Eve

Jean Bayon de la Tour, international head of cyber, Howden, said: “Cyber insurance is predominantly purchased by large corporates because they typically have the resources to navigate an advanced procurement process. 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 including cyber write, which provides additional insights to clients before, during and after policy inception.

"We also support our clients and our brokers with an AI powered bot to answer to all questions about cyber risk and cyber insurance. With best-in-class terms and conditions on offer, including enhanced wordings, no sub limits on key covers and breach response, Howden is committed to leveraging the power of insurance to defend and protect all businesses, no matter their size.”

SMEs have been historically underserved by the cyber insurance market, with only 14% of SMEs having cover in place.

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