Crime and cybercrime

The cost of fraud to the UK economy is colossal. According to the most recent annual fraud indicator, fraud losses are estimated to be £140 billion in the UK private sector. While this covers all fraud, cybercrime is a growing area for all businesses. The Federation of Small Businesses reported that small businesses are targeted up to 4 times a year and each cyber attack costs small business victims almost £3,000. GCHQ reported that 8 out of 10 of Britain’s largest businesses have experienced a cyber attack.
We know that in the last 12 months out clients have lost in excess of £1.3m.

Read our blog

Crime and cybercrime

Read our blog

Risks to Consider

Fraud

There are specific areas of cover to protect you against first party claims, for example employee theft. This cover also protects against third party claims, for example hacking, theft of money and phishing.

Cyber liability

Designed to protect you if you fail to manage or control data. Liability would cover you for legal liability for failure to handle, manage, store and destroy data and the associated costs..

Extortion by threat of cyber attack

Covers the costs of dealing with such an instance. The insurers that we would recommend have their own cyber attack negotiation teams to deal with this.

Social engineering

Covers the costs if an employee was deceived into paying money to a fraudulent third party.

We’ve helped a number of our clients with both fraud and cybercrime claims. As cybercrime is constantly evolving, we keep our fingers on the pulse and will share the most recent risk management guidance with you. We make it our business to get to know your business so we can provide risk management advice to reduce your risk of crime and cybercrime.