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How to prepare for and deal with cyber attacks
In this month's edition, we offer a comprehensive guide to businesses for how best to prepare and deal with a cyber attack.
We also offer our top tips for those over 65 years of age thinking of applying for travel insurance, there's news on a large spike in false insurance claims across the industry and finally, we analyse what a No Deal Brexit could mean for your insurance.
How to prepare for and deal with cyber attacks
The Government’s Cyber Security Breaches Survey has shone further light on how UK organisations are being targeted, with specific detail that should offer pause for thought for micro/small businesses.
According to the Government’s data, 42% of micro/small businesses were the victim of at least one attack in 2018, with 17% noting that it took them at least one working day to recover from the breach they suffered. It also suggested that small companies are less likely than their medium/large counterparts to:
• Seek out information on cyber security
• Have cyber security policies in place
• Have undertaken cyber security training
In some ways, this shouldn’t come as a surprise; micro/small businesses will always lack the resources of their larger counterparts, meaning important components such as training, awareness and strategic planning to cope with an attack aren’t carried out.
The quickest solution to protecting your business from cyber threats is to purchase cyber insurance cover, but beyond that, what can small businesses do in the event of an attack to minimise the damage?
Knowledge is power
The first step is to figure out what happened; how the breach occurred, what damage has been done and taking steps to make sure it doesn’t reoccur. This is when having IT support comes into play if you’re a larger company, but even if you aren’t, having experts on retainer is vital for moments such as these; they can analyse your systems, isolate the threat and help you to understand the nature of the attack.
Formulate your legal response
GDPR has provided the general public heightened awareness of how their data is handled, meaning that you must prepare for any customer fallout as the result of a breach. First off, inform the ICO (Information Commissioner’s Office); this is compulsory in the event of an attack.
Plan an agreed strategy for dealing with your clients and your public comments, even if this amounts to a small statement on your social media channels. Having a lawyer in place is a godsend in these situations; they will provide valuable assistance and guidance to make sure that you respond to a breach in the correct fashion.
Prepare your public response
It’s vital to keep in mind that your online reputation could take a massive hit if you don’t handle attacks in the right manner; clients are often very quick to air their grievances on social media, so being prepared is essential. A good PR officer will pay for themselves in this instance, so prepare your communications to your clients to inform them of the breach. Trust is a key element here, so be clear, honest and understanding. Talking about how you coped with the breach will stand you in good stead, as it shows that you’re working in their best interests.
Have a Cyber Insurance policy in place
Ultimately, having appropriate cover for your business in the event of an attack should form a key part of your security strategy. Carrying out the above suggestions will help to an extent, but given the financial repercussions of a breach aren’t determined by the size of your company, a cyber insurance policy could mean the difference between recovering from an attack or your business having to cease operations.
Talk to us about your business, what the potential data risks and vulnerabilities are and let us tailor insurance cover that will work in your best interests. For more information, please click here.
Applying for travel insurance for the over-65s
As the retired portion of society continues to rise, it’s not surprising that many of us like to spend our golden years on holiday.
However, whilst over-65s can easily find affordable holiday packages, they can sometimes struggle to find adequate travel insurance.
Travel insurance providers will often charge more for travellers over the age of 65 as they are considered a higher risk, due to the fact they are statistically more likely to suffer an injury or an underlying medical condition that requires claiming on a policy.
Some insurers even refuse to insure you if you are over the age of 65 or it comes with such a high premium that it makes the policy unaffordable. On top of this, once you turn 80, the price goes up again, or the cover will be entirely withdrawn.
If this makes travel insurance sound like too much effort, you should persevere. The Foreign & Commonwealth Office detailed a case where an elderly couple were hit with a £100,000 when they needed treatment for an infection in America. There aren’t many pensioners who could afford to foot that kind of bill!
But never fear; there are insurers out there who are happy to provide cover to over-65s. If you’re struggling to find a travel insurance policy, you can turn to us for assistance in finding the perfect over-65s travel insurance.
When shopping around, you should look out for the following problems that can arise:
Firstly, you should switch from buying annual travel insurance to cover per trip. With the majority of insurers, you will be saving money by only buying for the trips you're definitely going on.
It is also vital that you declare all of your medical conditions when buying the policy. Should you need to make a claim you might find it is rejected should you not have declared a previous condition.
If you’re planning on going on holiday with a group of people who are under the age of 65, it might be a good idea to buy your policy separately from everyone else. This is because your age will push the cost of the policy up.
It is also worth bearing in mind that specialist holidays, such as cruises, aren’t generally covered by a standard travel insurance policy – no matter your age.
Whilst travel insurance might be a little pricier and more difficult to purchase, it is well worth it. The last thing you want is to be out of pocket for a cancelled holiday or an illness whilst away. If you are struggling to find the right travel insurance policy get in touch with West Craven Insurance today.
Insurance industry reports 27% rise in damaging false claims
Whilst the industry has met the challenge of tackling fraudulent pre-planned motor accidents head on, with over half a million frauds detected in 2017, data from insurers is still pointing to an increase in false insurance claims.
According to Cifas, a UK-based fraud prevention service, last year saw a rise of 27% in false claims, with notable increases in motor and household insurance.
The data shows that 21-30 year-olds are primary offenders when it comes to false motor claims, helping to make up a 45% increase on 2017’s numbers with claimants aged 31-40 helping to raise household claims by 52%.
There was some positive news in that fronting claims, in which claimants lie about which driver is the primary vehicle user have fallen, but these latest numbers as a result of attempts to cut the cost of cover are concerning; the industry has already pumped vast sums of money and time into tackling fraud, with the knock-on effects of raised premiums helping no one.
The consequences for perceived little white lies when making a claim are hardly insignificant, too; they can result in having to pay for the cost of accidents, non-payment of claims or even the total cancellation of insurance policies.
“False insurance claim fraud and fronting insurance policies fraud are often seen as an easy way to make a bit of money without hurting anyone. The idea that fraud is a victimless crime is completely false.
“First, false insurance claims and fronting insurance policies are illegal. They can impact your life and career, making it near-impossible to buy insurance in the future and can even lead to a criminal record.
“Second, committing fraud hurts everyone: your neighbours, your friends, people in the area, and the UK as a whole. Insurers have to spend longer reviewing insurance claims and policy requests, premiums go up, and everyone loses out.”
Cifas’ breakdown of the percentage of frauds committed by several age groups is below, noting that under 21s and over 60s are most likely to make a false claim.
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Age band
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Percentage Change
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Under 21
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86%
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21-30
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8%
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31-40
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19%
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41-50
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24%
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51-60
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39%
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61+
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73%
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What does a No Deal Brexit mean for your insurance?
Given its complete dominance of the UK’s daily news coverage and the continued uncertainty regarding what our exit from the European Union looks like, you could be forgiven for feeling a profound sense of fatigue on the subject. Still, with the likelihood of the rightfully dreaded No Deal increasing by the day, it’s vital that British residents are aware of its ramifications and specifically, what that means for your insurance.
Car cover
In the No Deal scenario, all British drivers will need to have a physical Green Card on their person in order to travel on the continent. It acts as a guarantee that you have appropriate insurance in place in your country of residence. You’ll need a Green Card for every vehicle you’ll be taking onto the continent (including the Republic of Ireland).
The good news is that insurers are able to provide you with the card at no extra cost to your current policy, but given the expected demand, we’d strongly urge you to apply for your Green Card as soon as possible. The ramifications of travelling to Europe without one are similar to driving without a licence in the UK, meaning you could be fined and see your vehicle impounded.
Travel Insurance Cover
The insurance industry has yet to form a consensus on its approach to travel insurance in the event of No Deal, so again, we strongly advise you contact your insurer to confirm their stance on the situation.
Similarly, confirming your cancellation criteria will be important as travel plans to Europe could be completely up in the air over the next few months. Foreseeing the impact that a No Deal Brexit could have on plane, ferry or train travel is increasingly difficult at this stage, so confirming the finer details with your insurer will provide you with some peace of mind.
Pet Insurance
If you’re planning on taking a pet with you to Europe, then Government advice suggests that you contact your vet a full four months prior to your departure. This is to make sure that your pet is vaccinated and microchipped. Confirm with your insurer the limits of your pet insurance policy beforehand, too, to make sure that you understand what cover your furry friend will have. a
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