The Business Insurance Bureau

On the Night all your Data & Money are Stolen...

“This digital kid has just hacked your data, emptied your bank account and gained access to your systems, Cybercrime…”
The lack of footprints and fingerprints is disconcerting. All you know is your business is in deep trouble and you need help – now! There are client custody issues, data protection fines, business interruption, the loss of money and data – and of course, reputational damage.

There are many more questions than answers, but the most important one is, “how do we get through this?” Insurance.

Monday used to be Burglary Day

When Bob was a boy in the insurance industry, Monday morning was ‘burglary morning’. Every Monday all the burglary claims from the weekend would come in. But now, Bob says: ‘Monday is just Monday’.

Our efforts to protect our ‘physical assets’ – through installing remote passive systems, burglar alarms and CCTV – has hugely removed the incentive for the opportunist break-in. The man hours are colossal, and even if they do get through the wall, there’s another problem…

In a hugely consumerist society, everybody’s already ‘got one’: there’s no point in turning up down the pub with stolen goods. However, if the physical wall has now become a pointless target, the firewall is another matter.

Making it Cheaper, By Doing it Right™

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Rise of the Digital Kids & Techonology

These days, the digital kids are looking for bigger hits. They’ve become skilled in ‘electronic burglary’ (or cyber-crime as it’s better known).

The invisible intrusion into your systems, stealing what money and data they can find to sell on to the highest bidder, or hold you to ransom. The fact you may have remote back up doesn’t matter – the information is out there in criminal custody  – the fines are penal, and your data can now be used against you.

Some criminals however, don’t need to break down the physical wall nor the firewall because they are already inside: part of the system. Every kind of fraud – false invoicing from third parties to staff collusion – costs business millions of pounds every year.

Thoughts of Security

No doubt TalkTalk thought their systems were secure, but a 15 year old from Northern Ireland was arrested in connection with hacking their systems – one of the largest attacks in UK history. Nearly 157,000 customers’ personal details were accessed, and more than 15,600 bank account numbers and sort codes were stolen, plummeting their share prices and suffering a £15m trading impact.†

Similar hacks happened to Greggs the Baker, Carphone Warehouse  – and even PC World were not immune.

Hacked systems can often lead to impersonation fraud – instructions from ‘management’ or ‘the bank’ to transfer money or reset passwords. A media company had an irrecoverable £350,000 stolen from its bank account, and a Scottish telecoms firm sent an astonishing £18m to criminals.

Still reeling from the cyber attack, TalkTalk also discovered that three customer support agents based in their India call centre appeared to be stealing personal data from subscribers and using it in scams.

Affiliated companies and commercial partners can be as problematic as hackers.

Cybercrime & Small Business

And it’s not just the large corporations that have to be vigilant. A hairdressers in Glasgow said it had to pay out after it was attacked by hackers using ransomware. Hardly unique, a farming estate were held to ransom, their data stolen and website plastered in pornography.

Still feeling secure?

Standard insurance policies only cover physical burglary and the physical loss of cash. They don’t cover electronic burglary, third party or employee fraud.

But Bob does. Electronic burglary. Cybercrime. Commercial Crime. It’s all insurable. Now is the time.”

We have a true passion for reducing risk and ensuring the success of every business we work with, we pride our self on it, so please, pick up the phone today.

Request a Call From an Experienced Broker

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