Cyber Security Awareness Month Review: Keeping cyber perils at the forefront of your mind all year round

Cyber Security Awareness Month may now be over, but if there is one key message to take forward, it is that cyber security awareness is not just for October!  NMU’s Cyber & Financial Lines Underwriting Manger Matt Drinkwater and BSI Cyber Security and Information Resilience’s Austin France can be heard discussing these in the podcast below:

The Growing Threat

With a great number of businesses working remotely in 2020 – we’ve seen an increase in cases of cyber criminals seeking to infiltrate employees’ private networks and gain back-door access to businesses’ virtual private networks (VPNs) and data. This year, we have also seen an unprecedented rise in ransomware attacks, with attempts on businesses tripling from Q1 to Q2. Alongside this increase, cyber attacks such as phishing also spiked over the months from February to April, as scammers attempted to take advantage of the lower cyber security standards typically in place when working from home. It is reported that three SMEs are being attacked every minute!

Human Error

Despite the increasing prevalence of cyber attacks and influx of new scams involving emerging tech such as deep fakes, research showed that in 2019, around 90% of cyber claims stemmed from some type of human behaviour, with the findings revealing that human error is actually seven times more likely to cause data breaches than hackers. Taking these factors into account, it’s now more important than ever for businesses to educate employees about common cyber attacks and how to protect against them.

Education Is Key – Cyber Essentials

For businesses that are looking to increase their cyber security know-how, NMU recommend Berea’s Cyber AMI – Cyber Essentials product. This government-backed scheme explains common cyber threats and how to protect against them, and provides organisations with the option to purchase a certification upon completion.

Recognising Cyber Risks

During a recent BSI survey, 8 out of 10 businesses questioned said that cyber security is a high priority for their senior management board. More businesses have also expanded their staff in the last year, with roles relating to information security and governance. This shift indicates a growing acknowledgement of the risks cyber attacks present, although many SMEs are still unaware that cyber security on its own is not enough protection. Unfortunately, all businesses, even those with state-of-the-art cyber security systems, are at risk of a cyber attack; that’s why having proper cover in place that’s fit for purpose is essential.

Get CyberSafe

Considering the increasing number of cyber attacks this year, along with a growing recognition of the importance of cyber security by businesses, it’s vital that brokers understand current cyber risks and the key benefits cyber cover can offer. Our CyberSafe product provides UK SMEs with a simple, robust solution for cyber liabilities, cybercrime and restorative support.

 

Thanks to Northern Marine Underwriters for this news item.

The Covid-19 pandemic has seen the enforced closure of many premises, some temporarily and some permanently.

The attached guide from Risk Stop gives some useful information on how to look after your property during the closed period.

If you have any queries please contact us on 01772 555585.

MothballedPremises_v2_1120

Following the latest Coronavirus updates please find some useful information regarding Tier 3.

Please click on the link below:

Tier 3

 

We are delighted to announce that the Charity Commission and the Financial Conduct Authority have approved us to use an additional new trading name of Charity Insurance Brokers.

This will be to provide cost effective cover for Charities and Social Enterprises and Not for Profit Organisations combined with advice on what covers are particularly relevant and appropriate.

Following the uncertainty of the impact on UK policyholders driving in the European Economic Area (EEA) after Brexit, the ABI has issued guidance for policyholders.

What’s the impact on policyholders when the UK leaves the EU?

If the UK leaves the EU on 29 March 2019 without a withdrawal agreement in place, and in the absence of a specific agreement to the contrary, your policyholders need to ensure they carry a physical Green Card while driving their vehicles in the EEA and some other countries (Andorra, Serbia and Switzerland).

Drivers with a UK driving licence travelling in the EU and EEA Countries may also need to obtain an IDP (International Driving Permit).

From 28 March 2019, all commercial trailers weighing over 750kg and non-commercial trailers weighing over 3,500kg must be registered with the DVLA before travel to or through most EU and EEA countries and a separate Green Card will be required for these.

What are Green Cards?

Green Cards are an international certificate of insurance issued by insurance providers in the UK, guaranteeing that the motorist has the necessary minimum motor insurance cover for travel in the country they are visiting.

The walls of the Sir Tom Finney concourse at Preston North End Football Club now have 12 illustrations of iconic moments from the Club’s history.

Garratts Insurance were shirt sponsors in the 1986/87 season when promotion was achieved and the image shows the celebrations after a 2-1 victory at Orient.

Happy to have arranged the insurance cover to ensure that Andrew could enjoy his day in the skies above London!

We are delighted to confirm our new website focussing on the needs and requirements for property owners of all types is now live.

Whether you are a residential or commercial landlord, full or part time, managing agent or private individual, we welcome your enquiry.

 

www.propertyinsurancebrokers.co.uk

Sedgwick anticipates a possible surge in subsidence due to the prolonged spell of hot and dry weather across the UK.

Based on the company’s weekly update on current subsidence volumes, there has been a rise of more than 350 per cent over the past six weeks and it is likely to rise further as the heat and abnormally dry weather continue to affect already dangerously dry soil conditions.

Subsidence is a very serious issue, particularly for properties built on clay soil near trees, when the loss of moisture in the soil causes it to dry and shrink. Instability in the soil and the resulting ground movement will impact on the foundations of buildings. With shifting foundations comes the potential for property damage. The current weather trend and the increase in potential for subsidence is of great concern in places like London, where many of the city’s homes are constructed on clay-based soils.

Data from the UK’s Meteorological Office Rainfall and Evaporation Calculation System (MORECS) shows the biggest changes for several years, as the effect of the prolonged dry, sunny weather has started to show in monitoring readings. MORECS readings increased sharply from June through mid-August, rising from under 100, to 302.5, however dropping slightly to the current 298.5 last week, we anticipate that the maximum value of 308 will be reached within the next two weeks.

With warm weather patterns forecast to continue, especially in southern areas of the UK, Sedgwick estimates that claim volumes will also continue to rise through the remainder of August and into September and remains watchful of the situation.

“With live remote crack monitoring in place; feeding back data every eight hours, we are able to anticipate claim volumes before they occur, along with tracking soil conditions, level monitoring readings and long-term weather forecasts. We also have collated soil samples and weather information to help predict likely claims volumes for this year,” said Kevin Williams, Sedgwick head of subsidence.

Looking at the previous surge years of 2003 and 2006, the current position shows that the soil is drier than it was in 2003, but not quite as high as the surge of 2006. A surge event will be dependent on how long the MORECS remains at this maximum level: in 2003 there were maximum readings for seven consecutive weeks and 2006 for four weeks.

Whether or not 2018 becomes a subsidence surge year is dependent on warm weather continuing throughout August. For the high levels of subsidence to be repeated in 2018, the weather will need to remain dry and warm throughout August and into September.

Authored by Sedgwick

CNA Hardy’s Matt Sumpter offers an interesting perspective on GDPR:

There is no question that the forthcoming General Data Protection Regulation (GDPR) will bring with it big changes to organisations; enhancing existing data subject rights provided under the current EU Data Protection Directive as well as introducing new ones. But change is not necessarily a bad thing, and GDPR should be viewed as an opportunity rather than something to be feared.

Most organisations are already taking steps to prepare for the forthcoming legislation, however when examining the current commentary much of this preparation is seemingly focused only on the potential downsides rather than on leveraging the opportunity.

It is true that the focus on compliance around data collection and distribution that is at GDPR’s centre is being enforced by greater consequences than previously seen under the current Directive. However, the real intent of GDPR is not to generate fines but to create new behaviours around organisations approach to handling and processing personal data. In a world becoming more and more reliant on technology this should be viewed as a positive step forward.

An organisation’s ability to present evidence to regulators of its efforts to comply with GDPR will help reduce liability under Article 83 (General conditions for imposing administrative fines). Therefore it benefits an organisation to not just take measures to minimise potential consequences, but to embed an appropriate culture that embraces the principles of GDPR and enforce meaningful accompanying systems and controls.

There are six key principles governing the processing of personal data and implementing them should be a positive change for organisations. By better managing how data is used, organisations will be able to build greater trust and loyalty with their customers, which in turn should enhance their brand and the bottom line. Furthermore, this increase in trust and better management of the security of data will enable greater data sharing and better leveraging of Big Data, which will assist with product development and enhanced customer experience.

The six key principles are:

Lawfulness, fairness and transparency: the processing of personal data should follow regulation.

Purpose limitation: organisations should only collect personal data for specific, explicit and legitimate purposes.

Data minimisation: personal data should be adequate, relevant and limited to what is necessary for the purpose of processing.

Accuracy: personal data must be accurate and kept up-to-date, and corrected or deleted without delay when inaccurate.

Storage limitation: organisations must keep personal data in identifiable form only for as long as necessary to fulfil the purposes it was collected for.

Integrity and confidentiality: personal data must be secured by appropriate technical and organisational measures against unauthorised and unlawful processing, and against accidental loss, destruction or damage.

Organisations should think of GDPR in terms of the rights it grants their customers and the benefits that may flow from the trust that will build from it rather than just the potential threat it poses to them. By embracing GDPR’s principles, both organisations and customers alike have a lot to gain.

Credit:

Matt Sumpter, Underwriting Director for Technology and Cyber Risks

CNA Hardy

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