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The latest insurance updates- This month we take a closer look at Cyber Security

July 2021


Insurance Updates July 2021 - Cyber Security

I hope you are all well and enjoying the somewhat finer weather!

I want to write to you about a topic I know I have discussed before but I really do think I need to raise it again. I want to talk about all things Cyber. We are seeing increased reports in the media that criminals are looking to cyber crime as a way to get what they want. With staff stuck at home the exposure to your data and finances are increased massively. We always urge our clients to take out this cover as in the event of an attack on your business you will have access to professionals at very short notice to start to sort things out.

David McGowan

Managing Director

 


CYBER SECURITY

As I have mentioned before we do have many Insurance Products which will assist you if you are unfortunate to be involved in a Cyber incident. The insurance products can offer assistance by:-

  • Public Relations assistance
  • Informing the Information Commission Office (ICO) of your incident.
  • Resolving the issue with professional cyber technicians who deal with these incidents day in and day out.
  • Payment for credit monitoring of any of your data subjects that have had their information potentially breached.
  • Payment of ransomware demands (subject to applicable law)
  • Insurance cover for loss of cash from either phishing or deception
  • Getting you back on your feet as soon as possible to maintain your income.

However as in respect of a lot of things in life mitigation of risk is better than just taking out an insurance policy.   By mitigating your risk you could reduce your premiums initially but also over the years as you would be less likely to have a claim. 

Woodward Markwell have the Cyber Essentials accreditation which means that we have certain protections in place in respect of our data and website etc. Cyber Essentials is a government backed initiative and costs around £400 plus VAT (plus your IT costs) to obtain, subject to you passing their stringent protocols.

We have talked before about our association with Bewica and Aviva which is going really well and helping our clients. We have however come together again to offer our clients a great way of reducing your Cyber exposure and being able to get a UK Police Digitally Aware certificate. If you were to decide to go ahead this would be a great way of showing your customers that you take their data seriously and have mitigated your exposure. 

You will need to sign up before 31st July and you will get 3 months access to Bewica’s platform which offers many tools to reduce your cyber exposure, including sending trial phishing emails to your employees to see who is vulnerable to clicking without thinking. If you see the attached flyer this will give you more information. The only cost is £60 inclusive of VAT for the actual certificate if you wanted to have this.

To join, or for more information 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