What is Cybercrime and why do you need specialised insurance?

In 2017, there were 4.5 million incidents of fraud and computer misuse across England and Wales. Only 47 of those ended in prosecution.

As experts in Cybercrime insurance, we can help you recover if your business is targeted by attackers. Email our team today for more information on the cover we can provide, and read the rest of this blog for more information.

Although cybercrime is on the decline, the threat is as real as ever. Criminals become more and more sophisticated in the way they attack technology. At present we’re only managing to catch up, with anti-virus software and greater awareness.

The unfortunate truth is that as the statistics suggest, you will probably be a victim of cybercrime at some point in your career. In fact, in the UK, you’re more likely to fall victim to cybercrime than any other type of crime.

In 2017 (the latest complete statistics available), cybercrime affected 17 million people. And the criminals profited £130 billion.

What is cybercrime?

Different types of cybercrime include:

But cybercrime doesn’t have to be remote. There is also social engineering, where criminals enter your building unchecked so that they can access your system. They target businesses that don’t require ID tags and where they’re unlikely to be stopped and questioned.

The goal for most cybercriminals is financial gain; either from pilfering money or by ransoming stolen information and data.

How can you protect yourself and your business?

Unfortunately cybercrime is cat and mouse as the criminals find a new way of accessing data before we work out ways of stopping them. It’s very difficult to completely prevent it.

But there are steps you can take to limit the chances.

From a business level, the implementation of proper anti-virus and security software is vital. You should have email-vetting technology in place as well as backups on all important systems.

All staff should receive regular training on spotting the signs of suspicious behaviour.

At Romero’s, our IT department ensure that all staff know what phishing emails look like. And when to not divulge personal information.

What to do if you suspect you’re a victim?

The first step to take is to report any breach to the police. The NCA (National Crime Agency) have a specialist department dealing with cybercrime.

After alerting the police, it’s important that you speak to qualified cybercrime investigators. The criminals may have breached a level of your security, but you might have a chance of stopping them getting any deeper into your system.

You must contact your insurance broker as soon as possible. An established and reputable broker like Romero’s will guide you based on their experience and expertise. They will give you the next steps to take to remain compliant with your policy and have the best chance of getting the money back.

Why is cybercrime insurance so important?

The disappointing truth about cybercrime is that not only is it difficult to prevent, it’s even trickier to recover from. Once an attack has occurred, the damage is done.

Cybercrime insurance will help you get back on your feet after an attack.

Romero’s are experts in cybercrime insurance and we have a proven track record of helping businesses recover from attacks. If you’d like a confidential conversation about protecting your company, contact us today using the ‘contact us’ option at the top of this page.

Romero’s plays starring role in new Biba Manifesto 2019

From consumers, to small businesses to major corporate global clients; insurance brokers manage risk, and help create new opportunities for their customer.”

These are the words of John Glen MP at the launch of the BIBA Manifesto 2019 held on Tuesday 15th January at the Houses of Parliament.

At a time where the UK insurance market must compete with and face rising challenges from the rest of the world, it is important that our industry continues to be innovative, and offer the best possible products and services to our customers both big and small.

As one of the UKs leading independent insurance brokers, Romero’s customers are at the core of everything we do. We make a point of knowing each of our customers personally, and are proud of the relationships we build.

By knowing every detail of our customers’ businesses and the policies they hold with us, we’re able to support them in the most effective ways.

This is never more relevant than when a claim must be made, and by having someone fighting your corner with the support and advice you need most at a difficult time, we can deliver results when they’re critical to your business.

This dedication was recognised within the BIBA Manifesto itself, with the story of how our award-winning claims team worked on behalf of our client, Rednal Racing, when they faced a catastrophic fire:

“Following the fire, Rednal Racing’s brand new buildings which housed their operations and fleet of karts were completely destroyed.

Progress with the resultant claim was hampered when it came to light that the building also contained a brand new Ginetta racing car that had been leased to Rednal’s owner and his son (the up and coming racing driver Tom Wrigley), the day before the fire. At this point they turned to us for help.

We had not been notified of the vehicle upon delivery, and insurers were unaware, so the valuable car hadn’t been listed specifically on the policy, and the insurers were not going to meet that part of the claim.

By knowing every detail of our client and their policy, we were able to demonstrate that the £95,000 claimed for the car should be paid under the policy’s capital additions clause.

This knowledge and dedication not only saved the client a large sum of money, but also helped alleviate the heartache of such a disastrous event.

We’re pleased to say that Rednal’s business is now fully restored, and Tom has continued his impressive motor sport career racing in the Porsche Carrera Cup GB, proving that having a dedicated broker on your side not only can save your business, but can impact your entire life.”

We’re exceptionally proud of the way we’re able to support the Rednal Racing team, and this is just one example of how we strive for excellence in everything we do.

You can read more about the BIBA Manifesto here, or get in touch to find out how we can support your business.

Motor Theft Alerts: Stay Vigilant

A recent spate of specific motor theft M.Os acts as a timely reminder to stay vigilant.

A sharp rise in motor theft continues, with insurers paying out record numbers on claims. According to the ABI, the first 9 months of 2018 saw pay outs totalling £271,000,000.

A major contributing factor is the speed at which criminals are finding security holes in new technology. Keyless technology, for instance, has allowed the theft of cars without any kind of break in or struggle.

In this article, we’ll look at some of the recent motor theft M.Os and how you can go about preventing them.

Airport Parking Scam

Airport parking by nature involves a huge amount of trust. This is especially true if you’re handing over the keys to your vehicle before boarding the plane.

You’re trusting the parking operator to only enter or move your vehicle when it’s absolutely appropriate, and to not move or disturb any of your belongings.

Recently, we’ve heard of a number of cases where cars have been stolen or have mysteriously disappeared whilst booked into airport parking. On some of these occasions, the thefts haven’t even been reported until the owner returns to collect their vehicle.

One such example involved an individual booking secure parking for Manchester Airport. They paid £49.99 for the promise of parking covered by CCTV.

The parking appeared official; a confirmation email was sent and the company sent a uniformed member of staff to pick the car up from a rendezvous point outside the airport. They also had what appeared to be official documentation.

When the vehicle owner arrived back in the UK, they telephoned the number given on the official document, but there was no reply. When they finally made contact with the customer, they were told that the vehicle had never been received and that the owner should contact the police instead.

However, the parking services company then contacted the insured to correct themselves; the car had been lodged and subsequently stolen. They wouldn’t elaborate on how, and this was their final communication.

Investigations revealed that the alleged “secure compound” is a farmer’s field in Cheshire.

The moral of this particular story is to do through research. Contact the airport to validate any parking agency and make sure that you can find evidence that the company are who they say they are. 

Motor Home Thefts

A couple of months ago, we wrote about the increase in keyless car thefts. Recently, this has manifested in the theft of multiple Ford Motorhomes, usually after motocross race meets. The motorhomes aren’t broken into; criminals are using key-cloning devices to hack into the on-board computer and connect a new key from a blank.

The motorhomes are usually spotted for sale online within a few days.

The best way to prevent this type of theft is to purchase additional security. Key programming can take as little as 14 seconds, so you can’t rely on being there to stop the thief every time. Fitting a lock to your diagnostic port or a steering wheel clamp are two preventative measures.

Hire Vehicle Thefts

Hire vehicle thefts aren’t new, but thieves are changing their M.O and means of disposal/distribution. Lancashire and West Yorkshire has been a hotspot in recent months.

Offenders are hiring a vehicle in one county before removing the tracking device and reporting it stolen in another county. This means more than one police force are become involved, making the investigation trickier. The thieves also wait a number of days before reporting the ‘theft’.

Intelligence suggests that perpetrators come from the same gang.

Proper and thorough background checks are the best form of crime prevention.

Our advice for all drivers

Thorough understanding and proper precaution are the keys to preventing vehicle theft.

The airport parking scam and hire vehicle thefts call for background research to verify the identity and validity of the person you’re dealing with.

When it comes to key cloning, re-programming and keyless theft, it pays to understand your vehicle’s security system. For instance, can you turn the key signal off? Or can it be masked with a Faraday pouch?

Remember, stay vigilant and ensure that any theft or suspicious behaviour is reported to the police immediately.