July Newsletter - Seven steps to strengthening your Cyber Security

In this month's edition, we start off with our guide to strengthening your company's cyber security. 

We also delve into the news that over 8m holidaymakers are heading abroad this Summer without travel insurance, motor theft has hit its highest level since 2012 and finally, reports suggest that British Steel is awaiting the payment of an insurance claim that could save the company from liquidation. 

Seven steps to strengthening your Cyber Security

 

With recent reports stating that cyber-crime is now the most common offence in the UK, cyber security has never been more important, especially for businesses. With cyber-attacks on the rise, all companies must take the necessary steps to protect any databases they maintain, but most importantly the personal data of their customers and employees.

We’ve put together a list of 7 steps you can take to help make your business less vulnerable to cyber criminals.

Strong Passwords
While you may have heard it a thousand times, it is still always the best place to start. Having a strong password and a strong password policy could really save you from an attack. Using a strong password is the easiest and cheapest way to give your cyber security a boost and using 8 characters or more, with a variety of upper- and lower-case characters can go a long way.

It’s also important to keep your passwords varied. Using the same password for multiple accounts could be damaging if one of your accounts were to be hacked as it would leave all of your accounts vulnerable.

Purchase anti-virus software
If your computer catches a virus, it’s not as visually catastrophic as you may think, your system won’t immediately begin crashing and then fade to a black screen. The reason it’s so important to invest in software to protect your system from viruses and spyware is because there are a lot of tasks being carried out in the background and that’s where the anti-virus software comes in.

A good anti-virus software will keep your system safe from the threats on both the front end and in the background, while also notifying you of potentially harmful websites and links.

Stay up to date
Following on from the previous tip, in order to keep all of your operating systems, software and applications at their strongest, it’s important to keep them up to date. Cyber criminals are always looking for new ways to exploit your system, but at the same time, the developers of your system are constantly improving their security through updates and patches.

Ensuring that every system in your company is kept up to date on a regular basis could potentially save you from the latest method of attack.

Check all links
One of the most common methods cyber criminals use to access personal data is phishing. You may receive email messages that appear to be from trusted sources or well-known brands that ask for your information or require you to click a link to confirm some of your details, however, by clicking the link you could be directed to an unsafe web location and your data could be vulnerable to an attack.

An easy way to check most links is by hovering your mouse over the link itself and it should show the exact address you will be taken to. Some email addresses may appear legitimate, however, it may just be displaying a fake contact name such as ‘Windows Support’ that if clicked would reveal a ‘011010.net’ email address.

If you’re suspicious, take an extra second to check that the link is secure before clicking through to a dangerous website.

Be careful when logging in while you’re out
In today’s world, there are plenty of us working while on the go, but it is vital that you remain extra vigilant when away from the office. Finding and connecting to free Wi-Fi when you’re out and about can be a lifesaver, however free and public Wi-Fi can also be vulnerable to online criminals if the network is not protected properly.

If you can avoid using public Wi-Fi, then it’s best to keep your companies’ data safe by not accessing the network at all. However, if you have to access the network, try using a ‘private browsing’ session so that your credentials won’t be stored locally.

Always log out
This rule applies at all times, but even more so when outside of the office. If you’re logged in to an account with sensitive information such as financial or personal data, ensure that you log out before closing your browser.

If another user were to use the same system after you close the browser, there is a good chance you will still be logged in to any accounts you have accessed during your previous session. It may seem tedious to go through all of your accounts and make sure you’re fully logged out, but it could save you in the long run.

Invest In Cyber Cover
Finally, to make sure your business is fully covered against the threat of cyber-crime, take a look at the details of your current business insurance policy. Your current cover may not include cyber insurance as standard, leaving your business vulnerable if the worst were to happen.

Speak to us today and we can help make sure that your policy suits your business needs.

British Steel waiting on insurance dispute that could save company

 

A disputed insurance claim dating back to June 2017 could end up saving beleaguered British Steel, as the company seeks to turn around an order of compulsory liquidation from the high court.

The claim dates back two years to an incident which caused damage to one of its Scunthorpe blast furnaces, which required the site to be shut down for several weeks due to safety reasons. An investigation into the event lasted nine months ending up in British Steel’s claim being rejected by insurers in May of last year.

The company has hired Mactavish to represent them in their dispute with Zurich on the claim worth £30m, which would save British Steel from liquidation. The insurance governance company’s investigation into the rejection found multiple and important deficiencies in Zurich’s workings and is of the belief that the claim should be settled in its entirety. For their part, the insurer has yet to respond.

“From our review, we feel that Zurich and Liberty’s investigation was incomplete and wrong,” commented Mactavish’s CEP Bruce Hepburn. “It did not interview many of the relevant staff or even identify the blast furnace blowout as the key cause of the claim, which we believe categorically establishes cover under the terms and conditions of the policy.”

“Given British Steel’s current situation, settlement of this claim would have made a major contribution to securing the survival of this British institution that had finally been returned to profitability as a viable producer of high-end steel products.”

Motor theft hits its highest level in over six years

 

The Association of British Insurers has revealed that motor theft pay-outs have hit their highest levels since 2012, with a 20% jump in the first quarter of 2019 compared with the same period last year. On average, insurers are paying out for an insurance claim every eight minutes as car crime continues to increase across the country.

What’s the cause?
Home office figures are pointing to an increase in keyless car crime as a factor, with criminals said to be able to circumvent the technology in as little as 20 seconds, in some cases. Whilst the exact figures of a rise keyless car crime aren’t available, this links in with Thatcham Research’s findings that a host of new car models, including the Ford Mondeo, Toyota Corolla Hybrid and Lexus UX have all been given a “poor” rating when it came to their security.

The stats behind the rise
A total of 16,000 claims were settled by insurers during the first quarter of this year, a rise of 2,000 from the same period in 2018 and at a total cost of £108m in pay-outs.

That is in itself a 22% increase on the first quarter of last year, with vehicle repair said to have totalled £1.2 billion and the bill footed by insurers and policyholders. This is put down to the increasingly sophisticated nature of modern-day vehicles and the technology that runs them, with the cost of parts such as headlamps and windscreens on the rise.

“The continued growth in car crime must be reversed,” offered the ABI’s motor insurance policy adviser, Laurenz Gerger. “Car security has come on leaps and bounds but needs to keep pace with the ingenuity of car criminals. The rising number of theft claims being paid by insurers in part reflects the vulnerability of some cars to keyless relay theft. Action by motor manufacturers to tackle this high-tech vulnerability, allied with owners taking some simple, inexpensive precautions will help put the brakes on this unwelcome trend.”

How to thwart keyless car crime
Criminals have been able to easily thwart the locking systems on keyless cars by taking advantage of the signal emitted by their keys. By taking advantage of keys left close to front doors and windows before using a relay device to fool the car into thinking that the key is nearby, criminals are able to drive off quickly with minimal disturbance. Avoiding such a fate is relatively simple, however;

• Park your vehicle in a secure, well-lit area
• Do not leave your keys close to external doors or windows
• Turn off the signal emitted by your key overnight, or keep it in a signal-blocking pouch

Over 8m holidaymakers heading abroad without insurance

 

New research carried out by the Association of British Travel Agents (ABTA) has found that 38% of British holidaymakers heading abroad for the summer are currently without travel insurance, which could potentially mean 8.6m people would be at risk in the event of an injury or illness during their travels.

The ABTA’s survey, which quizzed 2,000 people discovered that only 21% holidaymakers confirmed that they had insurance in place for their trips, which amounts to a little over one in five. Over a third (37%) advised that they had decided that they could do without insurance for their holidays and 28% advised that they were prepared to take the risk.

The cost associated with falling victim to illness or experiencing serious injury whilst abroad can have significant financial implications, with a third of holidaymakers needing to spend a sum between £500 and £4,000 in order to cover medical treatment or in some cases, return travel back home.

ABTA chief executive Mark Tanzer offered the following on the survey’s results: “Millions of holidaymakers are heading off abroad each year either without the right travel insurance in place - or without any insurance at all. This leaves people at risk of having to pay significant medical costs or even facing delays in their treatment.

"Our message is clear - don’t take the risk, take out travel insurance and make sure it covers you for your circumstances and holiday plans.”

It’s also worth noting that the risks don’t just extend to those that aren’t insured; having the right cover in place is vital when it comes to protecting yourself abroad. Holidaymakers should always disclose pre-existing conditions and detail potential activities with their insurer alongside making sure that their EHIC (European Health Insurance Card) is valid.