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 who 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 Simcox Brokers have partnered with the South West Cyber Resilience Centre, a Home Office funded venture which provides free support to SME’s and charities throughout the region. Every month, they’re starting to share top cyber tips with their own clientele, as part of a regular communication to try and keep those businesses safer.
“Even for businesses who don’t purchase cyber insurance, digital attack remains a significant risk,” said Tom Simcox, who owns and runs the Bristol-based company. “We know that our clients don’t always understand that risk, which means that they can be less willing to mitigate it. But we want all of our clients to thrive, and that means it’s important for us to provide as much support as we can. For those with cyber insurance, a regular update helps reduce some of the people-based risks, because they’re better briefed on what to avoid. And for those who don’t have such products, an increasing awareness is important in helping them stay safe, and also in allowing them to take informed decisions at the point of annual renewal.”
Mark Moore, CEO of the Cyber Resilience Centre, explained, “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 people like Tom, who serve a wide community and share our ethos, are a great way to increase awareness. This isn’t about making money, it’s about stopping others from losing it.”
If you’re in insurance 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, it’s all free. Find out more at www.swcrc.co.uk, where you can also track links to Simcox Brokers and our other collaborators.