The latest news from West Craven

Welcome to the West Craven Insurance May Newsletter. This month we provide some helpful advice to keep you updated with the latest industry changes. 

 

We start by taking a look at the escalation of cyber crimes in today's climate, as opportunistic criminals seek alternative methods of operating. A new "breathing space" scheme has begun in England and Wales, to help shield people from debt, offering them a 60 days break.

 

Have you got a staycation booked for this summer? Make sure you've got the right insurance for your trip or it could be costly. Finally, we share with you the top risks facing directors and officers with ever-evolving technology and new risks emerging each year. 

 

We hope you enjoy this months edition!

The escalation of cyber crimes in today's climate

 

Over a year after its emergence, the pandemic continues to impact us in unexpected ways.

 

Whilst crime reported in England and Wales fell by 8% for more physical-related incidents on average, we've seen cybercrimes skyrocket by 31%, as opportunistic criminals seek alternative methods of operating.

 

The closure of non-essential shops and prolonged lockdown are thought to be contributing factors to the 26% drop in thefts, which includes: 42% reduction in thefts from the person, 29% in shoplifting and 24% in burglary.*

 

For cases of online fraud on an individual basis, ticketing fraud for gigs and festivals naturally dropped by 69% due to the cancellation of events, with online shopping and auction fraud increasing by 38%.

 

Now that lockdown restrictions are easing, it's expected we'll yet again see a shift in criminal activity.

 

If you've made any alterations to your policies or business practices, we'd like to offer you our services and expertise.

 

One cybersecurity company claims that an estimated 3,445 businesses fell victim to cyber scams between September 2019 to September 2020, costing companies a collective £6.2 million and escalating throughout the first lockdown.**

  

When asked, one in eight employers say that the risk of cyber-attacks is deterring them from adopting digital technologies.

 

If you're looking to protect and grow your personal or commercial interests in 2021, you need to have the right policies in place that offer maximum peace of mind.

  

To speak with one of our insurance consultants, contact us today.

 

 

 

*BBC News

**Nexor

 

 

Top risks facing directors and officers

 

According to a recent global survey, cyber-attacks and data loss are the top risks facing directors and officers, following pandemic-related changes that have occurred in the workplace over the last year.

 

Are you confident with your level of protection?

 

With technology ever-evolving and new risks emerging year-on-year, we're committed to helping businesses protect their employees, clients and commercial assets.

 

The top five risks identified were:

• Cyber-attacks (56%)
• Data loss (49%)
• Regulatory risk, including fines and penalties (46%)
• Health and safety prosecutions (41%)
• Risk of employment claims (38%)

 

Cyber-attacks and data loss have featured in the top three overall risks since 2016.

 

This has largely been down to the introduction of the GDPR that became effective in 2018, resulting in significant fines for those found to have breached data protection guidelines.

 

As employers have had to adapt during the pandemic, implementing processes that might not be fit for purpose to accommodate remote working for their teams, it is not surprising that this is one of the biggest areas of exposure for directors and officers.

 

Unfortunately, the pandemic has provided a fertile ground for many cyber criminals, who are able to exploit a weakness in IT infrastructures and individual user behaviour; circulating phishing emails that mislead, misinform and result in serious damage to the receiver.

 

Employment claims also placed highly on the list of top risk factors for organisations, which includes pandemic-triggered furloughs and layoffs, as well as returning to work and vaccination policies.

 

Other key findings in the report included diversity, climate change and bankruptcy, all proving to be issues that could potentially threaten directors and officers if not addressed.

 

It is also important that directors are aware of their financial reporting and tax liabilities, as mistakes on either of these could land you in serious trouble.

 

Even where unintentional, these oversights can be prosecuted due to negligence.

 

If you are in need of more information, we'd be more than happy to talk through your vulnerabilities and identify where the right policy could protect you.

 

 

 

A new "breathing space" scheme has begun in England and Wales

The new breathing space scheme, will help shield people in problem debt from further interest and charges. 

 

People receiving debt advice can apply for the break, which lasts for up to 60 days, to prevent them falling into debt.

Click here to read A new "breathing space" scheme has begun in England and Wales.

Staycation bookings are surging, have you got insurance?

More than half of Britons are planning a holiday in the UK this summer, but many will go without insurance because they do not think it is worth covering a domestic trip.

Click here to read Staycation bookings are surging, have you got insurance?.

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