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Am I at risk of a cyber attack and more importantly am I covered?

Am I at risk of a cyber attack and more importantly am I covered?

With more and more business using the ‘digital world’ to run their business, it is now becoming important for businesses to understand the risks of being online. The biggest issue regarding cyber-attacks is we never know when they may affect business, how they will affect your business and the financial implications they may have on your business.
Cyber Insurance

It is a myth that cyber-criminals do not target small businesses and therefore it is important to understand what a cyber-attack is, the types of attacks that could occur and the measures you could take to safeguard your business.

Cyber-attacks amongst small business are increasing each year. The latest figures from GOV.UK show that 46% of UK business and charities reported a Cyber-attack during the year. 32% of these businesses reported that they experienced an attack at least once a week. The cost of these attacks can vary but on average cost business £3,200.

With the ongoing issue that cyber-attacks are varying in nature, it is ever more difficult for businesses to be prepared for these breaches. Since 2017 there was a 14% rise in phishing attacks and a 17% fall in viruses or other malware.

The negative impacts that these cyber-attacks had on these businesses varied, but 1 in 5 experiences losing money or data, with a staggering 2 in 5 reporting the attack negatively impacted on their business through wider business disruption or staff time being diverted.

Possible attacks on your business

Malware

Malware is malicious software that infects your computer, such as viruses, Trojan horses, spyware, adware and ransomware. This malicious software can alter or delete files as well as reformat your hard drive. Moreover, sensitive data being stolen, sending emails on your behalf and even taking over your computer altogether.

Phishing

Phishing is a method cyber-criminal use to produce fake emails, text messages and websites created to like they are from your business and look authentic. They are produced to attempt to steal personal and financial information.

Denial of Service attack

A Denial of Service (DDoS) attack is when a malicious user contacts a website or user over and over again; thus, increasing the volume of traffic to a website or server causing it to slow down for legitimate users or sometimes where the website or server shuts down completely.

SQL injection

Structured Query Language is the language used to communicate with a database. SQL injection takes advantage of this database vulnerability by allowing cyber-criminals to embed harmful code or access data within the database.

Data interception or theft

This is the most common breach of your data and is mostly caused by a company’s employees. This is where a cyber-criminal will intercept conversations, transactions and the transfer of data from the company.

A significant majority of businesses realised they were less prepared than they had hoped. In many cases, that lack of preparation will not have been around companies’ digital defences, but upon their employees. Cyber insurance will cover you for any unfortunate attack on the business to ensure you return to ‘business as usual’ as quick as possible.

It is important that small businesses prioritize the need for effective actions they can take to significantly reduce the likelihood of a cyber-attack and businesses should seek further information or advice on the best way forward to prevent such a thing from happening.

Businesses need a 24-hour response system that allows rapid action, including notification of those affected after an attack, as well as cleansing the system of malware. Often referred to as business continuity, resilience is about the long-term protection of revenue, and includes communication to clients about resumption of business, rapid restart planning, and pre-planning to find alternative routes to market in the event of a complete shutdown.

Your cover will ensure you are prepared to tackle any cyber-attack, should it happen and, ensure you receive the support you need and don’t bear the financial burden to put it right.

If you have any questions or queries about the above call and speak to one of our experienced staff.
02476 354569

Needham Insurance

Needham Insurance

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Based in the Heart of the Midlands, we are proud to be an Independant Insurance Broker dealing with clients’ insurance needs locally and nationally

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Needham Insurance Services acquire Baldersons Insurance

Needham Insurance Services acquire Baldersons Insurance

Needham Insurance Services are delighted to announce their latest acquisition - Baldersons Insurance based in Sheffield - taking total GWP to £8m.
Needham Insurance incorporating Baldersons

Baldersons senior management team and staff all remain as part of the business, in the current premises in Sheffield. The Baldersons brand, established in 1972, will also continue ensuring continuity for all staff and customers.

This is Needham’s sixth acquisition since Neal acquired the business in 2000 and follows the successful integration of Inspire Insurance Services and their customers in November 2020.

Using a combination of organic growth and further acquisitions, Needham’s ambitious turnover target is £20m+ GWP by 2025 with the business currently circa 80% commercial lines and 20% personal lines.

Neal Lowe, Managing Director of Needham Insurance, comments:

Neal Lowe Managing Director

Neal Lowe, Managing Director, Needham Insurance

“I am really pleased to have got this deal over the line in the first half of 2022, and we warmly welcome all staff and customers of Baldersons Insurance to the Needham family. We’re delighted to have them on board, it’s a fantastic acquisition and a perfect fit for us. We’d like to reassure everyone it really is business as usual for all staff and valued customers moving forward.”

This definitely isn’t where Neal now takes a step back though – he’s on the acquisition trail again and is keen to purchase likeminded brokers and hopes to announce further acquisitions before the end of 2022!

Neal continues: “By 2025 we would like to have 7 or 8 branches, all with the same ethos of being local experts, fully independent and community-based brokers. Our target brokers are £2-3m GWP whereby we can help grow these organically via marketing and with access to additional schemes.

We fully welcome owners staying on post-deal to help with integration and to also look after their own long-standing customers. This model has worked well for us historically as we’re not about consolidation, quite the opposite. We are community insurance brokers hoping to boost the local economy.”

This isn’t the only good news for the Nuneaton based broker however.

“At virtually the same time as the deal completing, I took a call from Action Coaches saying we had been nominated for “Most attractive business growth” which was pleasing to hear that independent growth experts working across multiple sectors are recognising what we are working hard to achieve.”

Visit Baldersons Website

Needham Insurance

Needham Insurance

Expert Insights

About Us

Based in the Heart of the Midlands, we are proud to be an Independant Insurance Broker dealing with clients’ insurance needs locally and nationally

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Landlords – Are you covered?

Landlords – Are you covered?

With the rise in property being rented out, the thought of not having appropriate cover can be a worry that is something we could all do without.
Landlord insurance

As a landlord you have many responsibilities, including ensuring that the structure of the property is in good condition as well as ensuring it is safe to live in. To ensure that this is protected should there be a fire, flood, or burglary, then having buildings insurance will protect in these unfortunate events.

If you have any items such as fridge, furniture, and any furnishings, you have the responsibility to cover these within your own contents insurance policy. The contents of your tenant’s personal belongings should be covered by their own policy as your policy will not extend to these.

Since around 13 million people rent their property, you are not on your own ensuring that you are covered. Additional considerations for optional extras, such as accidental damage is something to think about. This covers you in the unfortunate event of something in the property being damaged or flooding causing damage to other areas of the property.

You may also consider insurance that will cover the cost of loss of rent, this could be part of the landlord’s insurance but most of the time it is an additional add on. Also be mindful of the level of cover. Some insurance will cover lost rent if your tenants must move out due to flood or fire, whereas if you’ve lost rent for another reason, eg, your tenants have failed to pay, you will only be covered if you have specialist cover.

Other considerations can include eviction costs, boiler breakdown, which could be included in your home emergency cover and cover for rent arrears.

The final option you must consider as a landlord would be Landlord liability insurance. This is cover if your tenant (or someone else) suffers an injury or damage and you’re held responsible. In such an event, the cover can pay compensation and legal fees.

As a landlord there are many considerations to be mindful of. Having the right cover at the level you would like is so important, giving you the peace of mind that whatever happens, you are not liable for the spiralling costs to sort it out.

Whether you have one property or a portfolio of properties, call one of our expert advisors on 02476 326213

Neal Lowe

Neal Lowe

Managing Director

About Us

Based in the Heart of the Midlands, we are proud to be an Independant Insurance Broker dealing with clients’ insurance needs locally and nationally

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Welcome to Inspire Insurance Clients

Welcome to Inspire Insurance Clients

I would like to welcome all clients from Inspire Insurance, me and my team will continue to help you with your insurance needs. I want to make the transfer from Inspire Insurance to Needham Insurance as pain free as possible and we will arrange a simple and smooth transition for you so you can concentrate on your day job.
Neal Lowe Managing Director

We have been offering insurance solutions to individuals and businesses for over 45 years and what has made us the broker of choice by many, is that not only do we deal with all of the major insurers in the UK, offering you competitive quotes, but we have an experienced team ready to provide you with help and advice with respect to your insurance needs.

Please do not hesitate to contact us by phone 02476 326213 or read through our products and services on the website, which will highlight how we can support you or your business further.   If you have a query about your existing policy or require a quote for further needs, we are at the end of the phone to help.  I am sure that you are as excited as us, as we embark upon this new relationship.

Please do not hesitate to contact me personally if you wish to discuss any matters.

Regards

Neal Lowe
Managing Director
neal@needhaminsurance.co.uk

 

Neal Lowe

Neal Lowe

Managing Director

About Us

Based in the Heart of the Midlands, we are proud to be an Independant Insurance Broker dealing with clients’ insurance needs locally and nationally

Recent Posts

Weekly Insight

Needham Insurance Offices

Personal Lines Office - Nuneaton

18 Arbury Road
Nuneaton
CV11 7NA


Business Lines Office - Nuneaton

Gethin House
36 Bond Street
Nuneaton
Warwickshire
CV11 4DA

Coventry Office

1 & 2 Westwood Business Park
Torwood Close
Coventry
CV4 8HX


Sheffield Office (Incorporating Baldersons)

772-774 Chesterfield Road
Sheffield
S8 0SF