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Cyber Security

Posted on: May 16, 2017
Categories: Industry News

By Matthew Doak, Marketing & IT Coordinator

We have received the following advice from our own IT provider and thought it would be useful to share the advice with you in view of the recent increase in Cyber-attacks.

Further to this weekend’s cyber-attacks, we would strongly recommend increased vigilance when dealing with emails over the coming days.

Historically, the virus or malware is contained within an attachment or hyper-link in the body of an email. If you get an email from anyone that has any of the following characteristics,

Unexpected – If you didn’t expect to hear from an old customer, your Bank/Amazon/Apple etc. on your corporate email address

Urgency – These emails often come with a sense of urgency, it is not uncommon to put a line in the email like “Check this invoice now to avoid being billed”

Fear – Sometimes these emails come pretending to be an authority figure, for example a speeding fine or an HMRC notice. They come with links or attachments saying you need to click on them immediately

Greed/Curiosity – Some may use these emotions to trigger a response, offering something of value to anyone who clicks

please do NOT click on any links or attachments. Malicious emails often appear to be from someone you know; the virus ‘steals’ an email profile, however the email itself originates from a completely different email address, for example, erimus.insurance@greedybank.com. Therefore, even though you may recognise the sender’s name, you should also pay close attention to the domain name.

Please ensure that you have downloaded all Microsoft patches to both your server and your PCs and that your anti-virus software is up to date.

If you should encounter any issues, or have any concerns, our recommended course of action is to shut down all PCs and your server immediately, following which you will need the services of a specialist IT company to remove any viruses or malware and to cleanse your network.

Whilst the above advice will help reduce the risk of a Cyber attack to you it does not guarantee you won’t suffer one, the implications of which can be costly to your business as follows:-

• Financial loss to your business
• Costly fines from the Regulator following a loss of data
• Reputational damage to your business
• Business disruption/interruption following an attack

All of these risks can be protected by a comprehensive Cyber Protection Insurance policy. If you have any concerns about your Cyber risk and wish to discuss how you can better protect your business against one please contact us to speak to one of our specialist advisors today.

Ref/source SSP

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Christmas & New Year Opening Hours

Posted on: December 5, 2016
Categories: Uncategorized

By Matthew Doak, Marketing & IT Coordinator

A Christmas message from the Erimus Insurance Team

We wish you all a Very Merry Christmas & A Happy New Year

Erimus Insurance Holiday Opening Hours:

Friday 23rd December – Close at 1pm

Monday 26th December – Closed all day

Tuesday 27th December – Closed all day

Wednesday 28th December – Open all day

Thursday 29th December – Open all day

Friday 30th December – Close at 1pm

Monday 2nd January – Closed all day

Tuesday 3rd January – Open as normal

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Erimus Insurance Continues to Expand

Posted on: November 28, 2016
Categories: General, Press

By Matthew Doak, Marketing & IT Coordinator

Erimus has increased its workforce to 31 with the recruitment of Larissa Mathwin as senior broker and Emma Hughes as new business broker as the firm continues to win business from around the region and beyond.
Click Here to read more.

erimus-md-paul-davison-centre-with-new-recruits-emma-hughes-left-and-larissa-mathwin

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Preparation for Fair Presentation under The Insurance Act 2015

Posted on: June 17, 2016
Categories: Industry News

By Mike Bailey, Technical Broking Consultant

The Insurance Act 2015 comes into effect on 12 August 2016. The purpose is to update the law which is now over 100 years old in order to reflect the way that the insurance market has changed over this time and to achieve a fair balance between insurers and their commercial (“non-consumer”) customers.

The Act concerns the following areas:

• Duty of fair presentation
• Knowledge of the Insured and Insurer
• Remedies for breach of duty of fair presentation
• Warranties and other terms
• Remedies for fraudulent claims

In this communication we are concerned with fair presentation, what constitutes knowledge and remedies for the breach of the duty.

Click Here to read more.

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The Insurance Act 2015

Posted on: June 10, 2016
Categories: Industry News

By Mike Bailey, Technical Broking Consultant

The Insurance Act 2015 comes into effect on 12 August 2016. The purpose is to update the law which is now over 100 years old in order to reflect the way that the insurance market has changed over this time and to achieve a fair balance between insurers and their commercial (“non-consumer”) customers.

To do this the Act introduces a new duty of fair presentation and attempts to clarify what is considered to be the knowledge of the insured and insurer as well as the remedies available to insurers for a breach of the duty.

The Act also deals with how warranties and other terms are applied to make this fairer and more balanced and insurer remedies for fraudulent claims.

Click Here to read more.

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Cyber Insurance

Posted on: November 12, 2015
Categories: Industry News, Technical

By Mike Bailey, Technical Broking Consultant

As yet another big name is in the news because of a data breach following a cyber-attack many of us will be worrying about whether we are at risk of our personal information being in the hands of the hackers and will be checking credit card statements and bank accounts for some time to come in case our own finances are in jeopardy from the hackers criminal activities.

This comes as Talk Talk announced on Thursday evening [22nd October 2015] that it is the latest victim of an attack with potentially millions of its customers account and card details being in the hands of the perpetrators.

 

Could it happen to my business?

Whilst we see these large profile breaches on our television screens and on the front pages of our newspapers we may think that this is a problem for big business and the rest of us won’t be targeted by the hackers…but is that true?

It doesn’t matter what size your business is, it is likely that you will have an IT infrastructure of some sort. There is a risk that you will suffer some sort of income loss through interruption to your business as well as a need to manage and repair damage, including reputational damage if IT systems or equipment should fail or are interrupted following a cyber breach.

 

In 2014 a UK Government survey estimated that in 2014 81% of large corporations and 60% of small businesses suffered a cyber breach. The average cost of a cyber-security breach is £600k-£1.15m for large businesses and £65k-£115k for SMEs.

Whilst without taking specific cyber cover your existing insurance portfolio such as your commercial property, business interruption or professional indemnity insurance may provide some cover against cyber risks it would not provide the protection and support that would be available under cyber insurance. This is why businesses are increasingly buying the specialised policies to supplement their existing arrangements, particularly when they:

  • hold sensitive customer details such as names and addresses or banking information;
  • rely substantially on IT systems and websites to conduct their business;
  • process payment card information as a matter of course.

 

Data breach examples

Small businesses urged to encrypt data after London sole trader fined £5,000. The Information Commissioner’s Office (ICO) has warned small businesses that they must have adequate measures in place to keep customers’ details secure. October 2013

Worldview Limited, a hotel booking organisation, was recently fined £7,500 by the Information Commissioner’s Office (ICO) for failing to appropriately secure personal data that it was responsible for. November 2014

 

How do breaches happen?

There are a number of ways that a data breach could arise ranging from the sophisticated like a hack by a criminal network with the intention to extort, sell or distribute to the more mundane such as inadvertently sending out extra information in a letter; leaving papers on a train; dumping papers in a skip; incorrect disposal of data/shredding; faxing to the wrong people; or the theft/mislaying of laptops or data sticks and discs.

 

What does cyber insurance cover?

It covers losses that arise from damage to, or loss of information from IT systems and networks. In addition they will generally include some significant assistance with and management of an incident which occurs. This is an important part of the cover when considering the possible reputational damage that a business could suffer as well as potential regulatory enforcement.

Cyber risks are usually split into first party and third party risks and cover is available which can protect you for either or both types.

 

First party insurance – covering your own assets, may include:

  • Breach Costs
    • public relations expenses and support
    • costs of notifying customers and regulators
    • legal advice fees
    • forensic investigation expenses
    • credit monitoring services
  • Loss or damage caused by hackers to your digital assets such as data or software programmes
  • Business Interruption from the downtime of your network and for the loss of income from reputational damage due to a breach
  • Cyber extortion where third parties threaten to damage or release data if money is not paid to them [It transpires that the latest Talk Talk breach involves a demand of payment from the hackers]
  • Theft of money or digital assets through theft of equipment or electronic theft

 

Third party insurance – covering the assets of others, typically your customers, may include:

  • Security and privacy breaches and the investigation, defence costs and civil damages connected to them
    • including claims by employees
    • and regulatory awards and fines when they are insurable (when the law allows, such as administrative fines by the Information Commissioner’s Office)
  • Media liability for investigation, defence costs and civil damages arising from
    • breach of privacy
    • defamation
    • negligence in publication in electronic or print media
    • inadvertent breach of copyright
    • transmission of a virus
  • Loss of third party data including payment of compensation to customers for denial of access and failure of software or systems

 

Speak to us to arrange your cyber insurance cover

Erimus can arrange cover for most SMEs with limits usually between £100k and £5 million. We may be able to arrange higher limits for businesses facing more complex cyber risks.

Some insurers can extend their insurance products to include additional cyber cover to that which would normally be provided and the cost for low levels of cover can be easily affordable. Even for more extensive cover for many SMEs the cost would not be prohibitively expensive whether this is where the existing insurer can extend cover or if a separate specialist policy is purchased.

Paying for cyber insurance doesn’t have to break the bank but being unable to respond to a data breach or a cyber-attack may well do.

 

Managing your cyber risk

Whilst insurance plays an important part in risk management for your business it is also important that you manage your own cyber risks. This risk management may include:

  • Evaluating your first and third party risks associated with your IT systems and networks
  • Assessing the possibilities – what could cause the first or third party risks to actually happen?
  • Think about what the controls you currently have in place are and whether they are adequate or need improvement

The Government launched Cyber Essentials in 2014. This is a basic cyber security hygiene standard aimed at helping organisations protect themselves against common cyber-attacks. This is something that you may want to consider as a first step in becoming resilient to cyber events.

Taking cyber insurance can make the recovery process following a cyber breach more straightforward and as rapid as possible but it is still likely to a number of days or weeks depending on the severity. Some policies will include technical assistance with managing a breach and this is likely to be an invaluable part of the insurance package in the event of an incident.

 

UK and EU data protection regulatory change

The European Parliament voted in March 2014 in favour of a new draft EU Data Protection Regulation which is designed to provide a single set of rules to all EU member states. They are expected to be finalised in late 2015 with a 24 month transition period. Although 2017 seems like a long way off it is pertinent to consider what the potential impact on your business will be.

One of the matters that will be included is the consequence to businesses responsible for data breaches. It is proposed that data breaches would need to be reported to the relevant national supervisory authority in the country of the organisation’s main establishment without undue delay, and where possible, within 72 hours.

In case of a more serious data breach the sanction that is imposed may be more stringent with proposed fines of up to €100 million or 5% of global annual turnover (whichever is the highest), although there are other more complex systems of fines proposed where the severity of the penalty would depend on the nature of the non-compliant activity.

 

Other key changes that are in the draft changes include:

  • The right to data portability

Ease of transfer of data between service providers in a format that can be easily reused. There are, of course, contradictions here with data security requirements.

  • The right to erasure

Consumers will be able to request firms to delete their data if there are no legitimate reasons for keeping it.

  • Dedicated data protection officers

Organisations will be obliged to appoint such persons if they process the personal data of more than 5,000 data subjects in any 12 month period.

  • More comprehensive privacy notices

These will have to be used on all communications with customers to ensure their understanding of how their data is collected and how it will be used.

  • Profiling

This is permitted as long as consent to do so has been obtained from the individual. There is a proviso that if the profiling affects the interests of the data subject it should not be solely based on automated processing – human assessment should be included.

The EU Data Protection Regulations will generally be beneficial for business and clear up some of the ambiguities from Europe on data protection but we all need to be aware of the key changes to EU requirements and should act now to plan for their implementation.

The UK Government views cyber-attacks as a highest level risk to national security, alongside terrorism threats, and has introduced a number of changes already to help prevention, including:

  • Cyber Essentials – a basic cyber security hygiene standard, as noted above
  • a National Cyber Crime Unit within the National Crime Agency
  • a ‘Cyber Information Sharing Partnership’ to allow Government and industry to share information on cyber threats
  • a single reporting system for people to report financially motivated cyber-crime through Action Fraud, a UK National Computer Emergency Response Team (CERT) to improve national co-ordination of cyber incidents
  • a new Cyber Incident Response scheme in GCHQ to help organisations recover from a cyber security attack
  • a network of Centres of Excellence for Cyber Security Research within UK universities in 2013, to help provide reliable and up to date research and academic prowess.

Remember: please speak to your usual  Erimus contact to discuss this fast emerging risk cyber risk and to arrange your cover.

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Insurance Premium Tax

Posted on: August 20, 2015
Categories: Industry News

By Mike Ansboro, Operations Manager

In the July 2015 Budget the Government raised the level of IPT payable on general insurance premiums from 6% to 9.5%, an increase of over 50%

This is a compulsory charge that Insurance Companies have to levy on insurance policyholders and pay to the Exchequer on all new and renewing policies with effect from 1st November 2015. It will also apply to any Additional Premiums raised on or after that date.

Unfortunately you will therefore see an increase in your insurance premium as a direct result of this tax, and will need to take this into consideration when considering budgets.

Please do not hesitate to contact us, should you require any further clarification, regarding these forthcoming changes.

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Erimus Open For Small Business

Posted on: June 8, 2015
Categories: General, Press

The biggest insurance broker headquartered in the Tees Valley has made a number of recent recruits whilst launching a unit dedicated to the region’s small businesses.

Having identified a gap in the market after several competitors made the decision to consolidate SME business in out-of-the-area call centres, Stockton-based Erimus Insurance Brokers say their new unit will provide a personal service to sub-£1 million turnover regional businesses.

Director Ian Miller commented: “Erimus is absolutely committed to offering a local service to all businesses, no matter what they spend, and we see the value in building long-term relationships with our clients.

“We’ve been established on Teesside for nearly 30 years and we’re extremely proud to count on many of the region’s largest and most successful businesses as our clients.

“We believe that our new Small Business Unit will allow us to continue our expansion plans without compromising on service to any of our clients.”

Commercial insurance specialist Erimus has appointed new recruit Jacqui Watson as manager of the Small Business Unit. Jacqui has joined Erimus from Darlington-based BIB, where she worked for 16 years.

Mr Miller, who worked alongside his new colleague for 10 years at BIB, is delighted to have secured her services.

“It’s a great boost that Jacqui has agreed to join us to establish our dedicated Small Business Unit. Jacqui is an excellent operator and has an abundance of great contacts in an around the Durham and Tees Valley area.

“Her philosophy of giving clients a high level of personal service together with competitive insurance premiums fits in perfectly with the Erimus strategy.”

A top 100 UK independent insurance broker with record-breaking premium revenue of £15 million forecast for 2015, Erimus has also recruited Lewis Kaid and Martyn Bell.

New business broker Lewis, who has joined the corporate and commercial sales team, is responsible for negotiating deals with insurers on behalf of new clients.

Having also previously worked at BIB, account executive Martyn  is now managing an established portfolio of clients who have followed him from his previous employment and who now benefit from the significant resources which Erimus are able to offer their clients.

Established in 1986, Erimus’ clients range from owner-managed SME’s to companies with a turnover of more than £200 million.

Erimus work closely with leading global broker Willis, giving the company access to the resources of more than 20,000 dedicated associates throughout the world, with specialists in every industry sector.

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Team Erimus Yorkshire 3 Peaks Challenge

Posted on: April 15, 2015
Categories: Community

By Matthew Doak, Marketing & IT Coordinator

Team Erimus will be taking part in a charity challenge on Saturday 20th June, as we climb Yorkshire’s magnificent three highest peaks: Pen-Y-Ghent, Whernside and Ingleborough, in under 12 hours.

Paul Davison, Scott Pinnell, Ian Miller, Richard Bonas, Lewis Kaid and Matthew Doak are already in training for the 24 mile event, having completed their first 8 mile training walk in March (photo attached). This will be followed by a 10 mile walk in April, 12 mile walk in May and 14 mile walk in June prior to the main event.

The Yorkshire 3 Peaks Challenge is renowned for being one of Yorkshire’s toughest challenges and ‘Team Erimus’ are delighted to be taking part in this event, whilst raising funds for Middlesbrough & Teesside Philanthropic Foundation.

Middlesbrough & Teesside Philanthropic Foundation is a local charity raising funds to help local community groups.  Erimus are a founder Patron of the charity and we are committed to support the fantastic work of the charity who have already supported a number of projects, details of which can be found on the website www.teessidecharity.org.uk

‘Team Erimus’ will be paying our own expenses for the event and all money raised will go directly to the charity.  If you are able to sponsor us, please click on our just giving page https://www.justgiving.com/teams/TeamErimus3Peaks and all pledges are gratefully received.

Erimus Y3P Taining 1

 

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Christmas & New Year Opening Hours

Posted on: December 1, 2014
Categories: General

By Matthew Doak, Marketing & IT Coordinator

 

Erimus Insurance Holiday Opening Hours:

Wednesday 24th December – Close at 1pm

Thursday 25th December – Closed all day

Friday 26th December – Closed all day

 

Wednesday 31th December – Close at 1pm

Thursday 1st January – Closed all day

Friday 2nd January – Open as normal

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mercedes benz retail corporate sales

TIC and Erimus Insurance Brokers are delighted to announce that Mercedes-Benz Retail Group trading as Corporate Sales have agreed access for all TIC and Erimus's customers to preferential rates and terms for the supply of new Mercedes-Benz cars. If you are in the market for a new car and particularly enjoy the prestige Mercedes-Benz brand we are confident that we will be able to introduce you to the best rates and terms available. You can access Mercedes-Benz Retail Group Corporate sales by clicking here. Alternatively, please call us on our main land line number and we will set the 'wheels in motion' towards obtaining your new Mercedes.

Please note: If your enquiry is made by email via the links on our websites or directly on the phone to Mercedes-Benz Retail Corporate Sales, to obtain our preferential terms you MUST state or mention in the comment box "referred by Erimus Insurance Brokers" or "referred by Teesside Insurance Consultants (TIC)".

Erimus Insurance Brokers is a trading name of Teesside Insurance Consultants Ltd. Registered in England No. 2043783. Authorised and regulated by the Financial Conduct Authority No. 307660.
Directors: P.J. Davison, S.D.E. Hughes, I. Miller ACII, S.S. Pinnell. Non Executive Director: G. Lumby MBE, FCIBS.
Company Secretary: C. L. Nolan.
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