The subject of data privacy and security can raise a lot of questions. It is a complex topic which makes it even more evident that the protection of a business’ security needs to be placed in reliable, capable hands.
This week, we challenge you to test yourself! Answer the questions below to find out how good your understanding is of the risks of cyber crime. Click the box to find out the answer.
According to a 2016 report, two thirds of small businesses have experienced a cyber attack, resulting in an estimated £5.26 billion loss to the UK economy. Yet shockingly only 39% of large organisations and 27% of small businesses have insurance that covers the consequences of a data privacy breach. This is despite a cyber attack costing anywhere in the region of £193,000 for small businesses and £2.3 for larger organisations.
Source: 2016 Cyber Resilience: how to protect small firms in the digital economy, conducted by the Federation of Small Businesses. 2015 Information security breaches survey, commissioned by HM government
All businesses have a legal obligation to securely protect the information they hold, both in terms of their clients, prospects and employees, as well as any data held on behalf of a third party. Any loss of personal data should be disclosed to the Information Commissioner’s Office (ICO) and can result in significant fines and penalties, not to mention the significant reputational damage to a business.
Source: 2013 Information Commissioner’s Office: Data Protection Regulatory Action Policy
43% of attacks to healthcare, retail, hospitality and financial companies, according to a 2017 study, were caused by phishing, hacking and malware. 18% were caused by lost or stolen devices or records while 4% were caused by internal theft. However, concerningly 32% of data privacy breaches were a result of employee actions or mistakes.
Source: 2017 Incident Response Report, conducted by Baker Hostetler
Businesses can create, or review an already existing, cyber policy which should cover rules on password protection, malware resistance, and regularly updating software. Unfortunately, malicious events can still happen despite safeguards being in place which is why securing cyber insurance to protect against the consequences of an attack, after it happens, is so vital.
Source: Cyber Essentials, National Cyber Security Centre: www.cyberessentials.ncsc.gov.uk/advice
Call 01603 760511 to find out how you can protect your business from the consequences of cyber attacks.
Published 15th February 2018
It's Valentine’s Day and time to declare our love for musicians the world over. The 14th of February is steeped in history going back thousands of years. From the Romans to the Victorians, St. Valentine has been a repeating protagonist in the history books, and music has played a key part in creating the romance.
With WeLoveMusicians insurance cover, it has never been easier to show your appreciation for your instrument. Treat your instrument with respect by covering it for a range of eventualities. Protect your instrument against damage worldwide, or guard against dents to your income if playing music is your profession.
To find out more about how WeLoveMusicians can spread the love, ring 01223 792265.
Published 14th February 2018
One Guarantee has expanded its online presence, joining two notable social media platforms. Updates on One Guarantee products and services will now be available on both Twitter and LinkedIn, allowing industry professionals to catch up on the latest news and developments in the Building Warranty market.
Henry Plaster, Broking Technician at One Guarantee, part of the One Broker Group, commented "We love engaging with anyone who would benefit from our content. This could be a developer actively looking to take out a Latent Defects policy with us or just someone interested in staying up to date with the latest industry news. Our Twitter and LinkedIn accounts mean it will now be easier than ever for people to get in touch with us and discover what One Guarantee can offer".
Published 8th February 2018
A major cyber attack on the UK is a matter of ‘when, not if’, the head of the National Cyber Security Centre was reported to have said last week. Data privacy is a topic which filled the 2017 headlines and is becoming more prevalent in the minds of business leaders worldwide.
Throughout the month, the One Broker group will be drawing attention to the threats associated with cyber attacks and discussing what can be done to protect those most at risk.
Whilst Cyber Insurance can’t prevent such attacks, it can support and protect your business if it experiences a data breach or is the subject of an attack by a malicious hacker that affects its computer systems. It provides comprehensive cover, simplicity, reputation protection and a trusted partner in the event of a claim.
To talk to us about how you can protect your business against the consequences of cyber crime, call 01603 760511 or visit www.ktib.co.uk for a competitive quote today.
Published 1st February 2018
The end of January saw Gibbs Denley Insurance Services (GDIS) join biologists, clinicians and entrepreneurs for the Festival of Genomics, hosted in London. The event brought together those with an interest in genomics and revolved around four key themes including drug development, data, genetic editing and genomics in the clinic.
Representatives from the GDIS attended lectures by leading experts in the field, and spoke with exhibitors that filled the ExCel London centre. The Festival was organised by Front Line Genomics, an organisation founded to improve patient lives by supporting the genomic science and technology community.
Phil Smith, New Business Executive at GDIS, part of the One Broker group, commented "Spending a day at the Festival of Genomics has been really interesting and insightful. As my own journey within the world of genomics continues, I find myself overwhelmed by the ongoing ambition, and drive within the field. In the UK, we are lucky enough to have a National Health System that sees the value in the efforts of genomics, and who are driving it forward to become a vital part of how we treat patients in the future."
(Photo courtesy of Frontline Genomics, organisers of the Festival of Genomics)
Published 1st February 2018