Cyber Security

Romero Insurance Brokers have continued to invest in new staff to enhance our proposition to our customers with 12 new employees joining the business in 2017 taking our head count to well over 150.  With our sustained growth and the continued consolidation in the insurance market we are pleased to report that Romero Group now stands in the Top 10 UK Independent Insurance Brokers.  We enjoy strong relationships and multi-million pound accounts with all the major insurers who look to actively support our organic growth model.
Our feature article in this newsletter will focus on the increasing risk of
Cyber attacks and the solutions we can provide to eliminate/manage Cyber risks.
Cyber Security
As our reliance on technology becomes ever-greater, the potential impact of Cyber related events continues to grow.
In 2017, 46% of all UK businesses identified at least one Cyber security breach or attack in the last 12 months.  This figures rises to 66% for medium sized companies and 68% for large companies.
Average cost of Cyber breaches in the past 12 months:
Micro Business – £1,380
Medium Business – £3,070
Large Business – £19,600
Businesses that had suffered a Cyber attack:
23% had a temporary loss of files
10% had a permanent loss or change of files/data
20% had software/systems corrupted
Managing risk and protecting businesses from the economic risk of Cyber attacks is where insurance can play an important part in protecting your business.  Some insurers now provide worthwhile extensions to their commercial combined policies or a specialist stand-alone Cyber policy may provide wider protection.
It is essential you address this increasing area of risk and Romero can provide a fully confidential review of your arrangements to ensure your business has the right protection.