It’s been our experience that most brokers would prefer their policies to remain a ‘just in case’ option. Although they’ll cover you in case of calamity, they’d much prefer that calamities didn’t happen.
For businesses which operate with a digital footprint, cyber insurance is increasingly necessary to cover online mishaps. Government statistics assert that a third of them will be attacked each year. And since by ‘digital footprint’ we mean ‘website, social media, email’, that’s pretty much everyone.
Those brokers who understand the market, understand that cyber-attacks don’t simply come with a cost, they come with a level of stress and business disruption that most owners can well do without. And when you consider Microsoft’s recent assertion that 99% of attacks can be repelled by simple measures, it’s frustrating to see small businesses being so regularly struck down.
This is one reason why insurance provider Thomas Carroll, Simcox Brokers, the British Insurance Brokers' Association (BIBA) and Ratcliffe Insurance have partnered with the Cyber Resilience Centre for Wales and the Cyber Resilience Centre for the South West.
Emma Francis, Financial Risks Executive, Thomas Carroll Group says: "Thomas Carroll Group is proud to support the Cyber Resilience Centre for Wales (WCRC), and its effort to combat cyber threats and ensure a safer digital environment for businesses across Wales.
“Cyber risks pose a significant threat to businesses of all sizes and sectors, making it crucial for organisations to prioritise their cyber strategies. It is essential to raise awareness among businesses about the potential threats they face and the measures they can take to mitigate these risks effectively.
“The WCRC, being a police-backed organisation promoting cyber risk can only be beneficial in strengthening the message that businesses need to take proactive steps to protect their business. Together, we strive to raise awareness, provide support, and empower businesses to take action in protecting themselves against cyber threats."
Paul Peters, director of the Cyber Resilience Centre for Wales, explains: “We’re here to offer free support to our local businesses and charities. It’s crime prevention for a digital age, and it frustrates us to see so many good people who simply don’t know about the simple things they can do to stay safe. Partnerships with the likes of Thomas Carroll, which serves a wide community and shares our ethos, is a great way to increase awareness. This isn’t about making money; it’s about stopping others from losing it.”
If you’re in the insurance sector and want to explore with us how we can work together to protect smaller organisations, we’d love to hear from you. And if you’re one of those organisations, the same applies: from a bite-size e-learning programme to regular cyber updates and webinars, our free membership programme is a great place to start strengthening your cyber defences.