Blog Posts By Topic
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There are 11 blog posts in the category "cyber liability"
Historically the typical business insurance programme protected a company's assets, profits and liabilities. Assets and profits would be covered for a range of traditional perils including fire, flood and theft. However, with technological development new risks are emerging and exposures are increasing.
The Association of British Insurers (ABI) has revealed that 99% of claims made on ABI member Cyber Insurance policies in 2018 were paid. This is one of the highest claims acceptance rates across all insurance products.
A Cyber Security Breaches Survey, undertaken in support with the government's National Cyber Security Programme, reveals that whilst following the introduction of GDPR many businesses are demonstrating more robust protection around customer data, trade secrets and intellectual property most are ignoring the cyber security risk presented by their third-party suppliers.
According to one leading Cyber Liability Insurer, AIG, business email compromise (BEC), commonly referred to as phishing, has overtaken ransomware as the number one cause of cyber security insurance claims.
HM Revenue & Customs (HMRC) has updated guidance and published a list of examples of websites, emails, letters, text messages, WhatsApp messages and phone calls used by scammers and fraudsters to obtain corporate and personal information.
Imagine logging onto your computer and being met with the following message:
All your files, documents, photos, databases and other important files are now encrypted.
The only method of recovering files is to purchase an unique private key.
Only we can give you this key and only we can recover your files.
UNDER NO CIRCUMSTANCES DELETE THIS FILE, UNTIL ALL YOUR DATA IS RECOVERED
FAILING TO DO SO, WILL RESULT IN YOUR SYSTEM CORRUPTION, IF THERE ARE DECRYPTION ERRORS
Franklands Managing Director David Harrison was invited to speak at the PKF Cooper Parry Cyber Security Seminar.
Cybercrime is again amongst the main stories in today’s news with a recent study finding 50% of UK business respondents having experienced economic crime, a statistic which is overshadowed by Government data proving 9 in 10 large UK businesses being successfully breached.
A third of UK businesses have now arranged, or are in the process of purchasing cyber insurance.
The risk of cyber threats is greater than ever before and barely a day goes by without the media reporting another attack on a major company. What gets less media attention are similar attacks on SME businesses and yet a recent survey reported that 74% of SME's had experienced an IT security breach.
Depending upon the nature of your business, depends on how important you hold cyber risks.