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.

What risks are UK business owners placing their priorities and how is this changing from the previous year? This article looks at the Aviva Risk Insights Report for 2023 and also highlights the importance of adequate cover for businesses.

(Article from Insurance Business UK - January 2023)

Why increased compliance will help businesses navigate through regulation and save costs/energy in avoiding malpractice lawsuits

(Article from Insurance Business UK - January 2023)

“A potential recession and cyber and ESG concerns top the list of key risk trends for directors and officers in 2023, according to a new survey by Allianz Global Corporate & Specialty (AGCS).”

(Insurance Business UK - December 2022)

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)

"Insurance claims from companies have become more severe over the past five years due to factors such as higher property and asset values, more complex supply chains and the growing concentration of exposures in one location, such as in natural catastrophe-prone areas,” said Thomas Sepp, chief claims officer and board member at AGCS. “The future does not look bright anytime soon.”

Read the full article from Insurance Business UK here on trending commercial risks that may impact on business interruption and damage replacement costs.

(Insurance Business UK - July 2022)

"Events such as the war in Ukraine and growing inflation have “significantly altered” business leaders’ perceptions of risks, with corresponding risk resilience falling dramatically since 2021.

This is according to insurer Beazley’s latest Risk and Resilience 2021 research, published today (13 June 2022). This showed that the proportion of surveyed UK and US business leaders ranking war and terror as their biggest risk was up by 46% compared to last year’s survey."

(Insurance Times - June 2022)

"Because each small business faces unique risks and challenges, there is no one-size-fits-all policy that caters to every insurance need. The type of coverage a company will require depends on a range of factors, including its business activities and the number of employees.

Business insurance providers across the UK offer various policies that can help protect small enterprises against the different risks they face. The selection is diverse, but according to industry experts, these are some of the most essential coverages small businesses need to protect their operations.”

(Insurance Business UK - May 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)

The Association of British Insurers estimates a total of £473m and 169,500 claims in property damages have resulted from UK storms Dudley, Eunice and Franklin in February 2022. This Insurance Age article shows the importance of and how insurance brokers can help during natural emergencies and disasters.

(Insurance Age - April 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)

"Financial institutions may appear as bastions of strength and security, and despite selling intangible and often complex products, they convince many to hand over their money for wealth creation and long-term protection.

But, as company failures and mis-selling debacles have proved, they are far from invincible. Beneath the surface, there are rapier-sharp risks swirling around and what is more, these are increasing. This is a place for the expert broker – although they must stay ahead of the game and be prepared to negotiate hard with insurers to ensure cover can be as encompassing as possible."

(Insurance Age - December 2021)

"Many senior leaders could find that they are not covered in the event of a claim, says insurer

Senior leaders may not understand their own directors’ and officers’ (D&O) exposure, according to new research published by insurer QBE today (26 November 2021).

D&O insurance is intended to protect company leaders from personal losses if they are sued as a result of serving as a director or as an officer of a business or other type of organisation. Typically, it covers the cost of defending legal proceedings and investigations, damages if the individual is found liable, as well as civil fines and penalties."

(Insurance Times - November 2021)

"Aviva has published the second edition of its annual look into the biggest risks facing businesses in the UK, and public health events no longer holds the top spot...according to the 43-page 2021 Aviva Risk Insights Report.”

Read the full Insurance Business UK article on “major risks that business leaders believe they are particularly exposed to."

(Insurance Business UK - November 2021)