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Many Businesses Carefully Insure And Secure Their Property. What About Their Data and IT Network?

Founded in 2013 by Tom Simcox, Simcox Brokers are an independent specialist insurance broker who act for a wide range of professions, businesses and property owners.

Their expertise means that they are able to assist the kinds of complex enterprises and start-up businesses that many other brokers shy away from. We spoke with our founder, Tom Simcox, about the sometimes complex topic of cyber Insurance. Complex because like all insurance, premiums and the coverage being offered depends on the level of risk, and as many organisations may not fully appreciate the full scope of cyber security, they all too often don't have robust IT security measures in place. He explained that people should think of cyber insurance in terms of buildings insurance. You have insurance, but would still take care to secure your property by locking your doors and windows when you go out.

Cyber is very similar in that you would take care to secure your

IT infrastructure, even though you may have insurance. By demonstrating that you have cyber security precautions in place, such as accredited courses, staff training, regular monitoring and applying regular security updates, the better your risk profile will become. In short, by instituting best practice with cyber security, you will benefit from competitive premiums and coverage.

Simcox Brokers were recently approached by a manufacturing, wholesale and distribution company who were looking for a new broker to manage their cyber insurance policy. The business was in the process of reviewing their IT and cyber security requirements to ensure they were meeting best practice.

To continue providing cover, their cyber insurers required them to put in place several security controls. This in turn would help them reduce the likelihood of falling victim to a ransomware attack and/or mitigate the impact of a cyber event. When doing so they discovered some key areas where the business was falling short regarding the standard of controls their cyber insurers needed to see. Working closely with the client's IT service providers, Simcox Brokers was able to successfully help their client implement these risk improvements. This not only ensured best practice but meant their cyber insurance providers could continue to offer competitive renewal terms where the business benefited from comprehensive coverage and access to a range of risk management tools to help them manage their risks. A great result all round!

Simcox Brokers take a consultative approach when looking for the most appropriate cover for your business. Because they are an independent firm, they are not tied to any one provider, but have access to a wide panel of insurers, enabling them to search the market to get the right insurance cover for you.

Contact our friendly team today to see how we can help your business.

Bristol: 0117 325 0560

London: 0207 183 2750

Harrogate: 0142 374 0968

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