Why Choose Travelers? Cyber Insurance Success Stories
There is a widening gap between the cyber risks facing the UK and the nation’s ability to handle them. Richard Horne, head of the National Cyber Security Centre, said in a recent speech that the UK’s cyber risks were “widely underestimated.” He urged organisations to take action to protect themselves against threats that are growing in number and sophistication.1
Cyber insurance is a key element of that risk protection. It provides support before, during and after a cyber breach – and helps organisations minimise delays in resuming operations. But to offer the level of protection that the evolving risk environment demands, insurers have to stay a step ahead of threat actors.
“Our team is continuously updating their knowledge and skills, as well as collaborating with industry experts to stay current,” said Matthew Waller, Assistant Vice President and Head of Cyber at Travelers Europe. “We’re also investing in advanced technology and tools for risk assessment and mitigation.”
Helping clients anticipate cybersecurity threats
The team’s approach to threat protection enables Travelers to provide greater security to policyholders and, at the same time, helps brokers build trust with clients. Recently, cyber threat intelligence services from Travelers have helped clients avoid potential attacks. In one case, Travelers alerted global clients about leaked credentials from a UK professional services firm to a Canadian healthcare provider. The advance warning made it possible for brokers and clients to take protective action to prevent a cyber attack. This kind of protection helps brokers feel confident about proposing Travelers cyber cover to clients.
Extending global reach and support
In a global economy, brokers need to feel comfortable that their clients will have cyber protection regardless of where they conduct business. Travelers can offer such security. Through Travelers Syndicate 5000 at Lloyd’s, businesses around the world can access cyber cover from Travelers. The Cyber team recently bound cyber insurance for a client in Singapore within six weeks and supported them in onboarding their new cover.
Enhancing protection for key professions
As cyber threats become increasingly sophisticated, businesses are becoming more exposed to cyber threats. The Travelers team has been extending its support of key professions and organisations where clients may be insufficiently protected against global cyber attacks. Law firms are one example. Travelers is already a market leader in solicitors’ professional indemnity insurance and is now insuring more law firms against their cyber risks too.
Supporting clients wherever they are in their development
Having the right cyber protection allows clients to focus on growing their business – not on how to handle the disruption and damage of a cyber attack. Effective cyber cover gives clients the peace of mind they need as they develop their business and pursue new directions.
“In recent months, we have supported clients at varying stages of development,” said Waller. “That includes a client who is expanding into a new region and may need local insurance protection, as well as a longtime client who has grown substantially through a strategic joint effort. We want to help our clients manage their evolving challenges without constantly having to worry about potential threats.”
Contact the Travelers Cyber team to learn more.
The information provided is for general informational purposes only. It does not, and it is not intended to, provide legal, technical, or other professional advice, nor does it amend, or otherwise affect, the provisions or coverages of any insurance policy issued by Travelers. Travelers does not warrant that adherence to, or compliance with, any recommendations, best practices, checklists, or guidelines will result in a particular outcome. Furthermore, laws, regulations, standards, guidance and codes may change from time to time, and you should always refer to the most current requirements and take specific advice when dealing with specific situations. In no event will Travelers be liable in tort, contract or otherwise to anyone who has access to or uses this information.
Travelers operates through several underwriting entities in the UK and Europe. Please consult your policy documentation or visit the websites below for full information.
