Dorset: Alan & Thomas reports rise in cyber insurance enquiries
Insurance specialists Alan & Thomas has reported an increase in quote requests for cyber insurance policies following several high-profile data breaches affecting companies around the world within the past few months.
“When household names such as Carphone Warehouse and Moonpig start hitting the headlines as the victims of cybercrime, it makes business owners sit up and take notice,” said Alan & Thomas CEO Julian Boughton.
“These latest breaches have highlighted the need for all businesses, irrespective of their size, location and industry sector, to review the security of their client data. They’ve demonstrated that the impact of a data breach can be huge and it’s shown how hackers seek to use the data they’ve illegally gained for publicity, extortion or other financial gain.”
In recent weeks, Alan & Thomas has witnessed a rise in the number of cyber insurance enquiries coming into their offices in Poole, Gillingham, Dorchester and Basingstoke.
“As consumers, we hand over our personal information on an almost daily basis these days so those businesses that we entrust with our data have a duty of care to ensure that it is safe and secure. All firms should ensure they have tested the strength of their security systems and that the use and storage of all client data is heavily monitored and protected.
“There are many relatively-inexpensive cyber insurance policies available but it is not always necessary to have a standalone policy. So rather than jump to conclusions, we always review the client’s current insurance position as there may be elements of cyber cover in policies such as public liability, professional indemnity, directors’ and officers’ liability or business interruption,” continued Boughton.
“And it’s not just large businesses that are at risk. Any business that holds customer data, has a website, is reliant on computer systems to conduct business or takes electronic forms of payment, is at risk of a cyber attack, so it’s prudent to take measures now rather than later to ensure operations are secure and protected.”
