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See the latest news and updates, with a focus on Cyber Insurance - from MD, David McGowan.

July 2020


COVID-19 - Cyber Insurance & Other Insurance Updates


As ever I hope everyone is well and continuing to be safe in these troubling and uncertain times. With the return to work on the cards for most including ourselves there is a lot to do to manage risks and also wellbeing and mental health of your staff who, along with customers, are the most important part of most businesses. I get a lot of advice from various sources about what I should do and when and some of it is conflicting and confusing. Over the last few months we have tried to filter this advice so please see the links below to our previous posts. In the meantime I have received the an email from HSE which I think is of interest, again see below.

David McGowan (Managing Director )


Coronavirus – Cyber Insurance Advice

"One of the topics I really wanted to bring to your attention in this newsletter is Cyber Insurance. We are seeing more and more reports of cyber criminals using the opportunity of lockdown to find weaknesses in your data protection especially with vulnerable staff. With staff being remote and often lone working they are more susceptible to phishing or letting their guard down.

The volume of cyber attacks that we have seen, so far, in 2020 has not increased. What we have seen is a huge shift towards phishing attacks. The current coronavirus (COVID-19) situation is enabling cyber criminals to use phishing attacks to prey on people's concerns and emotions around the pandemic. We have seen phishing emails imitating the United Nations, World Health Organisation and the Department for Work and Pensions, which will likely result in a greater number of people falling for these types of attacks." 

Stephen Ridley, Cyber Underwriting Manager at Hiscox.

We can educate our staff and also have the best IT department or consultants in the world but we all know that the criminals that want to get in will get in. Therefore we always suggest our clients have some element of Cyber Insurance. One of the main benefits of this type of insurance is Data Breach. When you are aware that your data has been breached you will have to inform the Information Commission Office (ICO), who will want to know the full details and also what you are going to do to protect your data ‘subjects’ of which the number usually runs into thousands of data subjects we all have on our systems. The Cyber policy will take care of this, it will send experts into your offices to find out how the breach has happened, make sure the breach is fixed, speak to the ICO on your behalf and also monitor your data subject to make sure they are not compromised. The other side of Cyber insurance, and this is usually an add on cover, is Cyber Crime cover which will cover the actual loss of money from your accounts by criminals by various means including social engineering. I have attached a link to a simple guide to cyber insurance below which I would implore you all to read, you can also talk to ourselves about the level of cover and the costs of this insurance (which is not as expensive as you think!).

https://www.hiscox.co.uk/business-blog/cyber-security-guide 

You can call us on 01473 408408 or e-mail mycover@wmibl.co.uk


Covid-19 Business Interruption Claims

Lastly, for all you avid followers of the FCA v Insurance Companies Covid-19 Business Interruption Court case note that  the trial has begun this Monday and the FCA has spent the last few days outlining their argument. The trial is scheduled to last 8 days but we do think it will go longer than this and we also have the threat of appeals should either side not be happy with the result.

See the attached link for updates from the FCA and also the second link is for live access to the actual trial!

https://www.fca.org.uk/firms/business-interruption-insurance

https://event.sparq.me.uk/fl-2020-000018-public/ 

In respect of Business Interruption cover following my last update there has been little change other than positioning of arguments from both sides. The FCA have been joined in their argument from the Hospitality Insurance Action Group and Hiscox Action Group. 

The next stage will be the full trial which is due to begin on 20th July 2020 and should last around 8 days. Although the Insurers and policies in question may not include yours the decisions of the court could be wide ranging and affect all insurers and all policies including yours. I would therefore reiterate my earlier messages and ask if you would like us to check your policy for the potential to lodge a claim on your behalf with your insurer for loss of profit or revenue now please let us know. If your claim is lodged at a later date this could affect your claim as insurers could invoke a late notification clause and throw out your claim. 

For those who want to read more about the whole case and read each sides arguments please click on the link below.

https://www.fca.org.uk/firms/business-interruption  


Covid-19 Returning to Work

As advised above here are the interesting articles from HSE regarding protecting your staff and customers at work.

Disinfecting premises during the coronavirus outbreak
You can help to control the spread of COVID-19 by cleaning and disinfecting a larger space or room. Fog, mist, vapour or UV treatments may be suitable options for cleaning and disinfecting larger spaces, in order to help control the spread of coronavirus.

See our guide - click here
 
Any use of these treatments for these purposes should form part of your COVID-19 risk assessment, while users must be competent and properly trained. Read our guidance on selecting the correct treatment.

Spot inspections: ensure your workplace is COVID-secure. HSE is committed to making sure employers are managing the coronavirus risks that apply to their workplaces. Click here for more guidance

HSE inspectors are carrying out spot inspections in cities and towns where there is a coronavirus outbreak, to check that businesses are COVID-secure. Read this press release to find out more about recent spot inspections on businesses in Bradford.
 
HSE's guide to working safely during the coronavirus outbreak will help you to manage the risk associated with restarting or running your business during the pandemic.

More coronavirus guidance

HSE has published a range of guidance and advice, which you may find useful. It includes information on:

For all the latest information and advice visit coronavirus microsite


Please read my previous updates in respect of Insurance cover following the Covid-19 pandemic, links to these updates are  below:

14th May - click here

21st May -  click here

3rd June - click here

11th June - click here

4th July - click here

11th July - click here


Further Information

As we mentioned earlier, as we are in a rapidly changing climate therefore we will continue to provide regular updates and advice over the coming weeks.

If you have any concerns or queries you can call us on 01473 408408

or e-mail us directly by clicking here

 

 *Source - Hiscox Insurance