COVERPOINT – APRIL 2016

CYBER ATTACK – COULD IT HAPPEN TO YOU ?

We’ve all got IT systems, and we’ve probably insured against the usual risks – damage to hardware, loss of data, interruption costs, etc.

However, the world is rapidly changing around us, and especially the crime world. Can you be certain that you’re fully protected against cyber attack, with the potential to subject you and your business to potentially disastrous losses.

Only recently did we have first-hand evidence of this, when a medical services company incurred losses of over £80,000 following third party fraudulent access to their online banking. It’s hard to be sure that your systems are robust enough to prevent this, so Cyber Liability insurance is becoming an in increasingly important part of your risk protection strategy.

Businesses face threats in a number of ways:

  • Rogue employees stealing hardware or data to gain a competitive advantage, sell to criminal interests, or for extortion
  • Negligent employees sending incorrect data, losing hardware or falling victim to phishing attacks
  • Company outsiders, from hackers launching denial of service attacks, to criminal syndicates stealing data, to foreign government agencies for industrial espionage
  • Data centres and other outside providers with inadequate online security
  • Social networking presents an increasing threat of backdoor intrusion through employees’ personal accounts

Cyber Liability insurance is now available to protect you – please contact me if you’d like to discuss this.

INSURERS’ DUAL PRICING

Don’t you just hate it when you get a renewal from your direct insurer, that’s increased substantially from last year ? You call them up and they find some spurious pretext to reduce it back to what you’re currently paying.

Only the insurance industry could be so short-sighted as to actually penalise customer loyalty rather than reward it. The reality is that insurers indulge in a continual quest for new customers, leaving you with the firm impression that, once they have your custom, you’re taken for granted and treated as an idiot ! Better rates for new clients, more expensive for existing – what kind of customer focus is that ?

At Clifford Lane Associates, our ethos is, firstly, to get you the best deal available every year, not just at the outset; and secondly to do so automatically, without having to be prompted by you. We think that’s the least you deserve for your loyalty, Try us next time you have a renewal invitation – call me on 01483 548662 or 07792 575661 (and no call centres or “music on hold”, either !).

BUY TO LET LANDLORDS

If you’ve worked hard to save enough to invest in Let Property – either one or multiple properties – you’ll probably be less than happy that the Government seems to be treating you as an evil villain, rather than someone who provides valuable rented accomodation at a time when fewer and fewer people can obtain a mortgage, thanks to a tightening of lending criteria ordered by the very same Government ! The outrageous increase in Stamp Duty is typical of this ham-fisted approach.

We can’t help you with Government policy, but we can offer you good news on the insurance front. At CLA we have access to extremely competitive insurance rates for let properties – either residential or commercial – with options to include:

  • Home Emergency cover
  • Legal Expenses
  • Rent Guarantee

We also use insurers sympathetic to the inevitable, occasional rental void, without onerous restrictions of cover and increased premiums during unoccpancy.

Ring me now for details of how we can help.

 

Best wishes

Nigel Smith