16 March 2017
With a series of high profile cyber breaches reported in the news such as Tesco Bank, Sony and TalkTalk, it’s no wonder that organisations have growing concerns about the adequacy of their cyber protection. It isn’t just financial conglomerates or large corporations who face cyber risk however, SME’s are also vulnerable.Read more...
16 February 2017
The institute of risk management (IRM) has warned that cyber threats to businesses are not only increasing, but are becoming much more diverse. The recent events at Tesco Bank, where the accounts of an estimated 9,000 customers were compromised in a cyber-attack costing the company approximately £2.5 million*, highlighted the risks associated with the protection of third party data.Read more...
6 February 2017
Connectivity offers tremendous potential for manufacturers. With it however, come new threats. Manufacturing companies have always been the leaders in adopting new technologies. They have embraced the connected world, which has brought great efficiencies and advances, but also significant and largely uninsured exposures.Read more...
24 November 2016
Welcome to the latest instalment of the Arthur J. Gallagher Financial Institutions Risk Bulletin.
Here we review trends in the UK affecting the use of D&O policies, and explore how mass account hacking is spreading to the west. In addition, we highlight some major recent appointments in the Financial Institutions insurance market.Read more...
2 November 2016
The Data Protection Act 1998 (DPA) sets out how personal data must be handled and has eight key principles – click here to read the full list of principles
It is the Data Controller who is responsible for ensuring that these principles are complied with. The Data Controller is defined as, “a person or organisation that makes decisions in regard to personal data, including decisions regarding the purposes for which and the manner in which personal data may be processed.” As a business using client data, this refers to you. Please note that even if the data of your customers is being handled by a third party, you remain responsible for it and a breach of any of these principles can result in a fine of up to £500,000, even though the fault may have been caused by your IT provider or another organisation providing outsourced services.Read more...