Are you exposing yourself? | Wilson Organisation

News

February 20, 2015

Are you exposing yourself?

Are you exposing yourself?

“There are only two types of companies: those that have been hacked, and those that will be” Robert Mueller, FBI Director, 2012

Rapidly changing technology is now a fact of life, and cyber threats will increase as technology develops and more business is done online. As threats grow, so does your need to protect and mitigate against those risks and reduce your exposure to cyber crime.

The 2014 Information Security Breaches Survey found that 60% of small businesses suffered a cyber security breach in the past year. The resulting cost to businesses has nearly doubled since 2013.

Mark Minton believes cyber insurance should not absolve businesses from their responsibility to manage their risk of cyber attack, but should be seen as part of a multi-layered approach to cyber risk management. “It’s vital for all businesses to evaluate their risk, manage it effectively, ensure they have the right cover in place – and also understand it.”

He adds, “All businesses are different when it comes to cyber risks. The key is to identify the unique risks your business faces to ensure your cyber policy is tailored to meet those needs, and understand where they overlap with existing cover such as business continuity.”

In addition to risk analysis to establish exposure and meeting the costs and consequential losses of cyber breaches, cyber insurance can provide specialist support that could be critical to minimising the impact of a breach. Mark added “SMEs may not have the people or experience to manage a cyber breach. It is important to understand the support you receive as part of your cover too.”

Huw Davies, IT Network and Operations Manager at Wilsons, has seen the rate of attack growth first hand. “The number of ways your IT systems can be compromised can seem scary, including users, endpoints (computers/tablets/phones), software and files, networked devices (your network can be compromised through a printer!) content filters, firewalls and routers. All these are paths for attacks on your business or paths for your data to get out.”

A good starting point for assessing and managing all of this can be found at:

www.gov.uk/government/publications/10-steps-to-cyber-security-advice-sheets

This information source covers:

  • Securing your IT systems
  • Protecting your network
  • Managing your users access to systems
  • Educating your users about risks
  • Managing a security incident
  • Preventing malware/viruses
  • Monitoring IT systems
  • Controlling the use of removable media
  • Dealing with home and mobile working

When the risks have been assessed, it’s important for the business to discuss the issues they find with their IT people, whether internal or external, and involve third party providers where necessary to effectively manage the risks.

Huw also suggests that when looking to implement any IT based solution for managing cyber risks, businesses remember these two key points:

  •  Always buy business grade security solutions, not domestic/retail solutions
  • There is no IT solution to a people problem!

For further information, please contact Mark Minton

 

Over 100 years of innovation

  • 1914

    A successful launch! The Wilson Organisation was founded in Nottingham by Harold Wilson and became the first company in the East Midlands to offer a comprehensive insurance policy to the region’s fast-growing band of automobile drivers. Innovation from day one.

  • 1920s

    During the 1920’s, Wilsons developed its commercial insurance offering under the stewardship of Harold Wilson. Hopping forwards 80 years, Wilsons has developed a number of industry specialisms including a particular expertise in the food and drink sector. We created a unique insurance offering called “FoodProtect” and, through this service, have been able to deliver intelligence and cost-effective insurance programmes to a broad spread of leading food producers. The best thing since sliced bread? Maybe not, but we’re working on it.

  • 1949

    John Prow joined Harold Wilson in the business, marking the first generation of the Prow family’s involvement in The Wilson Organisation. Wilsons’ clients included leading Nottingham firm Boots The Chemist plus a number of operators in the burgeoning railway sector. With post-war regeneration beginning apace, the firm’s fledgling construction expertise quickly developed into one of our leading offerings and this continues through to the present day, with clients including national and regional builders, developers, contractors, sub-contractors and architects.

  • 1960s

    The 1960s were the start of a new era for The Wilson Organisation. Harold Wilson and John Prow died on the same day in 1963, Harold of illness and John in a car crash. This left John’s son, John J Prow, to run the growing business at the age of 27. Under his youthful direction, Wilsons benefited from a new energy and direction. John J Prow, who had joined in 1960 in a new business role, led the move into our current premises at Wilson House in 1964 and then launched the financial services division in the following year.

  • 1990s

    The late 1990s heralded the start of the third generation of the Prow family’s involvement in the business. Managing Director Charlotte Prow joined in 1998, to be followed by the firm’s Chief Executive, Annabel Prow, in 2002. Product and service innovation continued apace with the launch of a corporate finance specialism in 1997, which continues to deliver valuable cost-savings and insights to the region’s dealmakers.

  • 2000s

    Now century on from the launch of The Wilson Organisation in 1914, the company continues to encourage innovation and reward good ideas. Within the financial services team, 2008 marked the launch of “Flex”, a powerful employee benefit programme and the development of “WRAP”, an investment tool with a unique level of investor control and transparency. Meanwhile, our insurance advisers worked quickly to bring to market a specialist insurance policy for insolvency practitioners.

  • 2010s

    2010 saw the launch of the Midlands Family Business Awards by Wilsons, the UK’s only independent not-for-profit Awards for family businesses. Now in their fifth year, the Awards have raised almost £20,000 for charities supporting families and young people. In 2014 we are celebrating Wilsons’ centenary, a significant milestone in Wilsons’ history.

Registered Office:
Wilson House, 1/3 Waverley Street, Nottingham, NG7 4HG

Registered in England Number 862690 - Members of British Insurance Brokers Association

Harold Wilson (Insurances) Ltd. and Harold Wilson Financial Services Ltd. are authorised and regulated by the FCA (Financial Conduct Authority)