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Cyber Insurance & Crime Insurance

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Major UK cyber attack a case of ‘when’ not ‘if’.

Protect yourself now with Cyber Insurance… you’ll be thankful you did.

No one is safe from a cyber-attack. These heinous crimes are indiscriminate in their nature and are designed to cause maximum disruption and destruction. If you trade online it is strongly advised that you have a cyber liability insurance policy in place to protect your assets and your customers.

Even if you don’t trade online it is likely that most of your records will be stored on a computer or in the cloud, which still makes your business vulnerable to an attack. Your central server might be compromised, affecting your email capabilities in the process. Ask yourself, How long could our business cope without emails? We are sure the common answer is ‘not very long’.

The UK Government’s Cyber Security Breaches Survey of 2017 found that 46% of all UK businesses identified at least one cyber security breach in the previous year, with that figure rising to 68% for large firms. It can be up to 100 days before a data breach is discovered, followed by an indefinite time to rectify the issue. By that time the damage has been done.

Data is a valuable commodity so it makes sense to protect it and with the introduction of the GDPR its stock has risen dramatically.

What is the GDPR?

The General Data Protection Regulation (EU) 2016/679 (GDPR) is a regulation in EU law on data protection and privacy for all individuals within the European Union and addresses the export of personal data outside the EU. Primarily the GDPR aims to give control of personal data back to citizens and residents and to simplify the regulatory environment for businesses within the EU.

There are significant fines for data breaches as part of the GDPR for businesses and individuals.

For in-depth information about the GDPR please refer to ICO at https://ico.org.uk

 

Continually innovating to ensure your data is safe and you continue to thrive

At Caunce O’Hara we have a solution to keep your business safe and thriving by helping protect you from a cyber-attack. We have negotiated exclusive rates on cyber liability insurance to commercial customers via our close links with Secarma, the cyber security experts and RSA, one of the UK’s largest commercial insurers and parents of MoreThan.

Secarma are part of one of the UK’s largest hosting companies UKFast and are experts at ensuring a company’s digital assets are secure from cyber threat. With your consent, they will perform vulnerability testing on your IT systems and advise you how vulnerable you are to a cyber-attack. Once you have committed to undertake this testing and implemented any subsequent recommendations presented by Secarma, your premium will reflect this newly reduced level of risk and your organisation will benefit from having a more robust level of security protection in place.

 

What does the Secarma service cost?

Secarma normally charge for £500.00 +VAT for their penetration testing service plus £100.00 +vat for issuing the Cyber Essentials certificate once an organisation passes. Secarma has agreed to reduce the cost of this service exclusively to Caunce O’Hara clients for only £300.00 +Vat for testing plus the £100.00 +Vat certification cost.

The Secarma service aligned with our Cyber Insurance policy provides you with increased cyber security, a greater understanding of your vulnerability to cyber-attack and reduced pricing.

Recognising the benefits of working with a penetration testing company is another example of how Caunce O’Hara continually look for innovative solutions to protect our clients.

 

What are the benefits of Cyber Liability Insurance?

* Incident managers to manage response.                           

* 24/7 helpline available 365 days a year.

* Credit and Identity monitoring.

* Business interruption cover.

* IT consultants to identify and rectify issues.

* Cover for civil fines and penalties.

* Legal assistance and defence costs.

* Cyber extortion cover.

* PR advice.

 

Cyber Essentials Certification

On completion of the recommendations presented by Secarma, your organisation will be Cyber Essentials Certified. The Cyber Essentials Certification reassures your customers (and regulators) that you are working to ensure you are keeping you client’s data is safe by securing your IT against cyber attack and that you have a clear picture of your organisation’s cyber security level.

If your business bids for government contracts which involve handling sensitive and personal information or the provision of certain technical products and services, you will find that you will require Cyber Essentials Certification.

 

Prioritising protection over premiums

Cyber Insurance Limit of Indemnity

Plus IPT             Premium without Secarma service +20%

 

With increased fines being the alternative for data breaches through the enforcement of the GDPR, can you really afford not to be covered?

Call our team of experts today for a quote and further information on 0161 833 2100

 


                                                                                 

Commercial Crime Insurance

Commercial Crime is on the increase and our increasing reliance on technology provides more opportunities for commercial crime to be perpetrated and go undetected for longer.

Traditional high risk / low reward crimes such as robberies and thefts, which are generally insured under a commercial combined policy, are being replaced by lower risk / higher reward crimes which exploit the same technologies that we rely on day-to-day.

Our business systems, office photocopiers and even our mundane tasks such as emails and diaries are all technology-based which means we are more vulnerable than ever to leaving the door open to criminal activity.

The Office for National Statistics put the number of incidents of fraud at 5.1 million in 2017, with 2.5 million of these falling under the Computer Misuse Act of 1990.

Some of the examples of claims from the last 12 months include:

Fund Transfer Fraud – An electronic, telephone or fax instruction which purports to have been sent by the insured but which was fraudulently transmitted by someone else without the insured’s knowledge or consent, usually to authorise the transfer of funds to an unauthorised account.

Invoice Fraud – A letter posted to the insured party purporting to be from a supplier advising of a change of bank details – credible as it was on the same letterheaded paper as a genuine  supplier of the insured party.

Banking Fraud – An insured party receives a phone call from their bank. The caller is able to recite recent transactions for the account which reassures the insured that the call is genuine. Over the course of the conversation the insured party discloses information that allows the caller access to their account and transfer of funds away.

A Crime Insurance policy can cover you for losses incurred from fraud (including funds transfer fraud), dishonesty, theft from the insured by anyone (whether employed by them or not), bribery, forgery and loss investigation fees.

 

Key facts you may not know about commercial crime:

* Most corporate crime is committed by employees

* Commercial crime insurance is NOT included in most commercial property policies

* Only a handful of cyber-related crimes are covered, so it is important to take out a Cyber Liability Policy to ensure you are fully covered.

It is important to note that a Cyber Insurance policy will not cover you for all commercial crime so it is important to take out Crime Insurance as well.

 


Protect your business and yourself with Crime Insurance from Caunce O’Hara. Contact us today on 0161 833 2100 for a quote.

Benefits

  • Competitive pricing
  • Dedicated handlers to assist with your queries
  • Documents issued instantly via e-mail
  • Access to your own claims team
  • Cover for legal defence costs and compensation bills
  • Monthly payments
4.8/5 4.85/5
  • "Used these before then changed to another broker who could not help me with an update to my insurance. Caunce O'Hara had no problem and set up my insurance in about five minutes. Highly recommended."
  • "A very helpful, kowledgable and adaptable telephone advisor enabled discussion beyond standard questions in order to secure the most approprite insurance honed to my business deeds and relevant discounts. This led to the most comptitive quote over other larger companies."
  • "Insurance Renewal - Plenty of warning up front as to renewal date, requests for any changes and quote. Reminder leading to actual renewal date. New certificates available on date agreed. Can't complain at all about the service."
  • "All correspondence has always been clear and reply to questions swiftly answered. Cost is very competitive. Would definitely recommend."
  • "I have been with Caunce O'Hara for almost 12 years now and am always very pleased with their service and customer support as well as the costs for the cover."
  • "I have automatically renewed my indemnity insurance for several years but as I have gradually reduced work commitments I needed to discuss my options prior to making a decision about renewal.
    I found the person I dealt with very helpful and knowledgeable about my options."
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