Blackpool insurance firm in cyber crime seminar

With 2017 being a significant year for cyber attacks world wide a Blackpool company has warned that firms might need to consider specialist cover.

Wednesday, 3rd January 2018, 10:47 am
Updated Wednesday, 3rd January 2018, 10:55 am
The cyber crime seminar

Waterloo Road-based Chadwick Insurances, founded by John Chadwick in 1980, hosted an event to discuss cyber risks to businesses.

Attendees included business leaders from solicitors, accountants, management consultants, IT specialists, risk management specialists, property managers, estate agents, financial advisers and plumbing and heating engineering companies.

Gareth Chadwick said: “Any business that holds or processes sensitive data or is reliant on computer technology is at risk of uninsured losses.

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“Dealing with cyber related incidents has not only a direct monetary impact but also ties up a business in dealing with potentially affected customers and regulators.

“Our discussion, led in conjunction with major insurers AIG, highlighted the fact that although cyber exposures are one of the top risk concerns for many companies, traditional insurance policies do not provide full cover for them.”

He said tailored insurance policies were needed to cover such events as cyber extortion, data breaches, network interruption, digital media liability and telephone hacking.