Great Cyber Security article in November 2023 edition of The Negotiator magazine by Adam Walker and the need for insurance protection.

Interesting read from Insurance Times on potential cyber threats on the 5G network.

Great article in the Insurance Times on Cyber risk mitigation with some useful tips and statistics.

Insightful article from Insurance Business UK on cyber incident prevention and top five controls according to a recent report.

“It’s not if, it’s when… cyber-crime is almost certain to affect your business, such is the onslaught of attacks from the dark web, says Oliver Wharmby.

Not a days goes by without cyber security being in the press in one way shape or form. Cyber and Cyber Crime claims are now making up more than 50 per cent of all claims in the insurance market and property professionals are by no means immune, yet the complacency around cyber liability insurance remains staggeringly high.”

(Oliver Wharmby - The Negotiator - February 2023)

How are businesses prioritising their insurance cover in order to cut costs? This article from Insurance Times investigates firms placing an importance on Cyber and a decrease in Business Interruption cover.

British Insurance Brokers' Association (BIBA) highlights the need for cyber cover, especially for SMEs.

(Article from Insurance Age - January 2023)

Chris McMurray, cyber lead at Travelers Europe addresses evolving Cyber threats “that are presenting pressing challenges to UK businesses” and what they need to do to keep up and protect themselves.

(Article from Insurance Business UK - October 2022)

"The market is developing ‘realistic disaster scenarios’ to prepare for potential threats, added chief of markets

Lloyd’s chief of markets Patrick Tiernan has confirmed initial approval has been received for the market’s first standalone cyber syndicate.

During a quarterly message to the market delivered last week (22 September 2022), Tiernan said the syndicate had received initial approval and that Lloyd’s was determined to play a role in driving maturity in cyber classes."

(Insurance Times - September 2022)

"The limited coverage is characterised by low coverage limits, long waiting periods, narrow coverage triggers, significant deductibles and long claims processes

There is a misconception that the scope of cyber errors and omissions (E&O) insurance covers all cloud downtime losses, according to the results of the latest survey from Parametrix, published last week (8 September 2022)."

(Insurance Times - September 2022)

"There appears to be a noticeable lack of engagement from UK business leadership when it comes to cybersecurity matters, a new report from the Department for Digital, Culture, Media & Sport (DCMS) has found."

(Insurance Business UK - August 2022)

Cyber risk trends are reported in a joint survey/study with Microsoft. Having the right insurance cover in place is only one way way of mitigating potential damage.

"After three years of unrelenting workplace disruption, digital transformation, and ransomware attacks, business leaders are no more confident in their ability to manage cyber risk than they were two years ago..."

(Insurance Business UK - May 2022)

"Ever since it first emerged as the new kid on the insurance block a few decades ago, cyber insurance has displayed many of the characteristics of a rolling stone – steadily picking up speed and energy and never staying still long enough to gather any real predictability. The trends and shifts sweeping the space are innumerate, but as highlighted by Lindsey Nelson (pictured), cyber development leader at CFC, among these are some key developments."

(Insurance Business UK - February 2022)

"Drones, medical malpractice and cyber are the top technology-related risks for this year, according to international law firm DAC Beachcroft.

Its latest global insurance industry predictions lists technology as one of six key themes for 2022. Other important categories for this year are class action lawsuits, climate change, global risks, regulation and modernising the workplace."

(Insurance Times - January 2022)

"The number of estate agents being targeted by criminals via cyber attacks is to increase this year, a leading industry body has warned.

The Guild of Property Professionals regularly gets reports from firms hit by hackers trying to defraud their clients, while the increase in remote working has made many smaller agents connecting to their networks more susceptible to cyberattack, says compliance officer Paul Offley. He predicts incidents will rise even further this year "

(The Negotiator - January 2022)

"The Department for Digital, Culture, Media and Sport (DCMS) commissioned the Cyber Security Breaches Survey of UK businesses, charities and educational institutions as part of the National Cyber Security Programme. Among the key findings of the report was the revelation that 39% of businesses and 26% of charities have reported cyber security breaches or attacks in the last 12 months.

Among the impacted businesses and charities, one in five ended up losing money, data or other assets while 35% of those businesses report being negatively impacted by other considerations including post-breach measures, lost staff time or wider business disruption. "

(Insurance Business UK - December 2021)

"Due to the digital interconnectedness companies now have, the risk of cyberattacks and data breaches have only increased. It is now much easier for criminals to shut down a company’s network, steal personal or financial information, or put entire supply chains at risk.

This is where cyber coverage spills over into the liability space, as cyber insurance is also influencing the directors and officers (D&O) space, according to McIntosh."

(Insurance Business - October 2021)

"In Insurance Times’s April 2021 issue, Aviva’s head of cyber insurance Neil Arkle discusses the importance to all businesses of having cyber security in place and how brokers can help clients reduce their vulnerability.

The recent Aviva Risk Insights report identified cyber security and cyber incidents as the fifth-largest major risk facing UK businesses today, and the exposure to cyber risks will only increase."

(Insurance Times - April 2021)

"Gerry Glombicki, director in the insurance division at Fitch Ratings, said underwriters had been badly hit in 2020 by the rise in both the number and scale of cyber attacks.

Speaking during an online seminar this month as part of the credit rating firm’s Monte Carlo Reinsurance Rendezvous 2021 series, Glombicki said the figures outlining the cyber threat were now significant."

(Insurance Times - September 2021)

“To protect assets, companies should invest in adding cyber insurance to business policies.

The average loss of British businesses who have experienced a cyber attack is £223,516, according to the findings from the latest survey commissioned by SJL Insurance Services.”

(Insurance Times - July 2021)