dual & howden cyber proposition

DUAL & Howden Cyber Proposition

26th April 2016

OUR KNOWLEDGE: YOUR ADVANTAGE

Introduction

The Context

The Solution

The Future


Introduction


Howden & Cyber

Why are we here today?

Here in the UK, Howden sells a variety of Cyber offerings to a multitude of clients

We are seeing an increase in ‘breach’ activity and Friday Frauds are hitting the headlines (SRA

is receiving 4 reports per month of these). These are just one manifestation of Cyber Risk.

Howden has partnered with DUAL on a Cyber Solution for Licensed Conveyancers. DUAL are

highly experienced on Cyber Risks, selling more than 15,000 policies globally p/a

We have seen a huge increase in enquiries (and binds) and

wanted to explain the proposition


The Context


The Context Continued

• Cyber Risks are multi-dimensional and may impact upon different firms

in different ways

• The risks are often not well-understood or articulated

• Many UK clients have, for too long, assumed that the risks were unique to US

firms

• The costs associated with a breach are not easy for some clients to evaluate and

there is an inevitable gap between what the insurance products do and what they

don’t (eg TalkTalk’s decision to provide free “upgrades” to its customers)


The Context Continued

• Most insureds (and particularly the insurance buyers themselves)

are not experts in IT per se

• The risk environment is changing on almost a daily basis:

• CryptoLocker – ransomware trojan which targeted

computers running Microsoft Windows

• Gameover Zeus – 1mln+ infections globally –

allegedly earned its owners more than $100mln

• Multiple strains/variants of malware

• Specific hacks (Talk Talk)

• DDoS attacks against online gaming firms

(eg PlayStation, Xbox, Nintendo) – Lizard Squad notoriety

• Straightforward privacy events (non-IT based)


The Solution


The Solution

• The UK Cyber Market is an evolutionary state:

• All solutions in the market at present are ultimately “partial” solutions

• DUAL intends to work with its broker partners to develop solutions that are robust and that,

over time, integrate and maintain relevance within the UK context

• Breach Response Capability is absolutely key:

• Comfort that support will be available when it is required most is critical

• DUAL’s experts have handled a vast number of breaches

• The first 24h are crucial, to swiftly diagnose the extent and severity of the breach:

Has a corporate device been stolen?

Has your server been hacked?

Have you been hit by a Distributed Denial of Service (DDoS) attack?


The Solution Continued

• Broad coverage combined with Expert Breach Response

• Concise form in plain English

• 1st Party Coverages, include:

A broad suite of Remediation Costs, including: Credit Monitoring Costs Cyber Extortion Costs Data Restoration Costs Legal Representation Expenses Notification Costs Public Relation Costs

• 3rd Party Coverages, include: Data Liability Media Liability

Sub-limited coverage for Social Engineering Loss (very useful for

clients that do not purchase Crime)


The Future


The Future

• In such a fast-moving environment, uncertainty is the only certainty!

• Because of our strong involvement in the UK Legal Environment, we are well-

placed to continue to develop innovative solutions to this emerging risk exposure


Thank you

dual & howden cyber proposition

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