Cyber Risk

07 September 2015

Cyber Insurance Tips - #10 Government Tips for Online Cyber Security

Written by Jon Norman, Posted in Cyber Risk

According to the 2015 Information Security Breaches Survey, the Department for Business, Innovation & Skills reported that a staggering 90 per cent of large organisations had experienced some form of cyber breach during the last 12 months.

When reviewing the worst individual security breach for each company, the average cost per firm was between £1.46 million and £3.14 million.

Whilst the data for small businesses is much more difficult to maintain as correct data breach records are not always kept, or made available, the report still highlighted 74 per cent of firms which have experienced a security breach in 2014.  For small firms the average cost of a breach was £75,000 and £311,000 for their worst breach.  Without adequate Cyber Insurance, many small firms would not be in a financial position to recover from such losses.

29 June 2015

Technology Insurance Tips - Common Risks and Hazards for Data Centres

Written by Jon Norman, Posted in Cyber Risk

Whether your business has its own data centre, or you operate a data hosting or manage them on behalf of other firms, the security and protection of data is absolutely critical. 

Specialist Technology Insurance can provide appropriate risk transfer protection and peace of mind. However, prevention is always better than cure and by understanding the key vulnerabilities and risks will help your business minimise exposure and build a robust risk management framework.

18 May 2015

Cyber Liability & Office Insurance Tips - Pros & Cons of Wearable Tech

Written by Jon Norman, Posted in Cyber Risk

The Apple Watch and other wearable technology is talk of the town amongst gadget lovers.  With Statista estimating that worldwide sales could reach 111.9 million in 2018, wearable tech is likely to have a significant impact on consumer lifestyles and business processes over the coming months and years.

In the excitement of innovation it is easy to overlook some of the practicalities from a risk and insurance perspective.  Cover for the device itself is important in terms of loss, damage and/or breakdown. However more significant risk can exist in terms of data loss, it is important that you understand the exposure to your business, mitigate risk, and consider Data Loss and Cyber Liability Insurance as appropriate.

22 April 2015

Cyber Insurance News - Notable Cyber Security Cases & Fines

Written by Jon Norman, Posted in Cyber Risk

The number of UK businesses falling victim to cyber crime has started to grow rapidly over the last twenty four months. Cyber attacks do not discriminate — all types of businesses large or small, rural or urban, and across all types of industry are being targeted.

It is dangerous, yet common belief amongst business owners that cyber attacks can only happen to other businesses or that the fines will be minuscule.

23 March 2015

Cyber Liability Insurance - Cyber Security Tips for Small Businesses

Written by Jon Norman, Posted in Cyber Risk

High-profile cyber-attacks on companies such as Sony and Target in the USA, has significantly raised awareness of the growing threat of hacking and cyber crime to businesses. The 2014 Internet Security Threat Report from Symantec and other cyber-security reports suggest that many small business owners are still operating under a false sense of security.  

Symantec highlight a 91% increase in targeted Cyber attacks in 2014 and without adequate Data Breach and Cyber Insurance protection your business is significantly exposed.

16 December 2014

Online Retail & Cyber Insurance Tips - Protect Your Online Business

Written by Jon Norman, Posted in Cyber Risk

From Black Friday to Cyber Monday, online retailing is booming in the UK; in 2013 alone, UK Shoppers Spent 91bn online in 2013, a figure which is expected to exceed £100bn in 2014.  

Whilst this is great news for retailers, online stores are becoming increasingly attractive targets for major cyber attack and hacking.  Understanding your cybersecurity risks and protecting your network is crucial to keeping your online company in business.

11 September 2014

Does a Web Designer Need Professional Indemnity Insurance?

Written by Jon Norman, Posted in Cyber Risk

Every week we speak to hundreds of business owners and understanding the different intricacies and niches of each firm is one of the most fascinating parts of my job.  As a digital predominately digital business we naturally deal with a vast number or Tech and Web Design companies.  Without fail, the most common question I’m asked is “Do I Need Professional Indemnity Insurance?”. 

Legally of course, the answer is no, but in reality, without the protection offered by a PI policy, you could be playing the insurance version of Russian roulette, as a single large claim could leave you and/or your business in financial ruin.

17 August 2014

Professional Indemnity Insurance News - Estate Agent Loses Passport Data

Written by Jon Norman, Posted in Cyber Risk

As a perceived expert and authority in the Property Industry, Estate Agents owe a heightened duty of care to their clients. In addition to professional expectations, complex financial transactions, such as a house purchase or letting, also involve the handling of personal data and it is vital that agents have robust processes in place to ensure such data is secure.  Failure to protect data can lead to significant reputational damage, regulatory action as well as Professional Indemnity Insurance claims. 

10 June 2014

Cyber Insurance - Is Cybercrime the biggest threat to SME businesses?

Written by Jon Norman, Posted in Cyber Risk

If, like many small businesses, you are becoming increasing reliant on the digital or online channel both as a revenue stream and a customer communication vehicle, it’s important that you also understand the changing insurance risks and build appropriate contingencies to manage all eventualities.

When you think of insurance your mind naturally wanders towards physical threats such as fire, flood or theft, but it could be the shadow of online fraud or hacking which poses the biggest single threat to your businesses future continuity.

15 April 2014

Heartbleed for Mumsnet | Why Business Needs Cyber Liability Insurance

Written by Jon Norman, Posted in Cyber Risk

The Heartbleed virus has wreaked havoc for online community Mumsnet.  As the true impact of the Heartbleed cyber security bug starts to unravel there’s never been a clearer warning to review your website security and cyber insurance cover.