Cloud security. It’s one of the most frequently cited concerns for businesses that are considering moving their applications and data to a cloud provider.
The common belief is the company’s data is more secure on company-owned servers at onsite data centres. But how true is this? Is data more secure because it’s on a server you can see? If you compare your onsite security with one or more cloud providers, how do they stack up? Read more →
The team here at Creative Risk Solutions would like to congratulate all those nominated for BAFTA Cymru awards! We have been lucky enough to insure a number of the productions nominated – it was a pleasure working with you.
Insurance is often referred to as a ‘grudge purchase’, a necessary evil and something that only really delivers any value if the policyholder is propelled by an accident or incident towards the ‘moment of truth’ – the time at which they have to call on their policy and make a claim.
At that point, it can come more ‘begrudged’ than grudge, if the claim is not handled in a manner living up to expectations. Policyholders have a set idea in their mind about how their claim should be handled and become highly engaged in pursuit of that vision. They are even prepared to phone up and be held in a queue for 30 or 40 minutes at a time, just to gain some reassurance that someone is looking after their case.
Knowing the importance of a claim for policyholders, insurers have made great efforts to make the process highly efficient. There has been heavy investment in technology and many insurers now provide the means to open a claim online, on a dedicated website. This will usually allow the policy-holding claimant to track the progress of a claim, access recent correspondence between their insurer and the third party and discover whether repairs or treatments have been authorised. All of this is just a click away, a far cry from the situation even just a decade ago.
Past events show how easily reputation can be lost. Ever since Volkswagen admitted in September 2015 to cheating on diesel emissions tests in the United States, its sales and grand plans for growth have taken a nosedive. This is further exacerbated by a later decision to increase the fine to $2.8 billion making it largest criminal fine ever negotiated by the U.S. government for a car maker. Clearly an example was being made of the company. Read more →
Cyber-crime is growing at a phenomenal rate and is hardly ever out of the news. Unfortunately, there is a still a sentiment prevalent within some British businesses that “it will never happen to me”, although the reality is that many businesses are being targeted every single day. If cyber insurance isn’t something you’ve already considered for you or your business, read our ten reasons why you should as well as taking a look at some of the latest trends in cyber crime.
When we asked one of our insurers for some examples that could explode this myth of immunity, we received three thought-provoking case studies – the technology business infected with malware, the optician held to ransom and the publisher who lost their passwords. These stories emphasise why cyber insurance is not just a good idea, but an absolute necessity.
Britain’s landscape is becoming increasingly tainted by the blight of fly-tipping – an escalating issue which puts farmers and private landowners under particular strain and which has the potential to bring about their financial ruin.
In June 2017, a House of Commons briefing paper recognised the scale of the criminal activity surrounding the illegal disposal of household, industrial, commercial and other ‘controlled’ waste, by those without a Waste Management Licence. Materials dumped often include asbestos, solvents, oil, fridges, highly combustible materials and tyres. It seems that the practise of fly- tipping is often carried out by organised criminal gangs.
Although penalties can be applied under Section 33 of the Environmental Protection Act 1990, under the terms of which the courts have the right to impose a prison sentence of up to five years, street-wise fly-tippers are often never caught. Read more →
Product recall cannot only be costly for your business, but it could also threaten your reputation. Do not wait until it is too late – think now about how you would manage a recall.
Legislation introduced in 2005 makes manufacturers responsible for ensuring the safety of the product they supply. Guidance provided by Trading Standards and on gov.uk states clearly that producers ‘must be able to respond effectively if a problem with the safety of a consumer product is identified’. Read more →
Take a look at some of the productions we’ve worked on in the last six months. Read more →
The reasons why clients prefer to use a professional insurance broker, rather than price comparison and aggregator websites, are likely to be reinforced by the end of 2018, as regulators seek to create a more level playing field when it comes to professional standards.
UK small businesses are underestimating the impact a cyber-attack could have on their reputation and must take steps to protect it according to the findings of the Small Business Reputation and the Cyber Risk report launched in February by the Government’s Cyber Streetwise campaign and KPMG.
UK SME’s are also unlikely to escape the grasp of the recently passed EU General Data Protection Regulation (GDPR), despite the recent Brexit vote.
The GDPR is due to come into force in early 2018. After that, firms which fail to comply with the new regulations will be subject to fines up to $20m (£15.4m) or 4% of turnover, whichever is greater.
This will put cyber insurance at the same level of importance as motor and employer’s liability insurance for many SME’s, especially those trading overseas. Read more →
Merthyr Tydfil Institute for the Blind is our nominated charity - to find out more please visit their website www.mtib.co.uk
Creative Risk Solutions Limited is a wholly owned subsidiary of Circle Insurance Services Ltd.
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