CYBER insurance - Why all businesses need it
CYBER insurance – Why all businesses need it
At Straight Solutions Ltd we think CYBER insurance is now a must for any firm.
The threats to UK businesses just keep growing, whether the cause is Eastern European state sponsored crime operating from purpose built factories, home grown hackers or the legislative burden of GDPR there is one fact you cannot avoid - our existing business insurance polices are not good enough.
Most business insurance policies were designed in the 20th century and have a gaping hole left open to 21st century digital damage.
Dixons Carphone were in the news recently for data breaches involving “5.9 million payment cards and 1.2 million personal data records” (source: bbc.co.uk)
While the technology revolution has brought with it unparalleled levels of convenience and choice to millions of people across the globe, it has done the same for the criminal underworld. It is now far easier and far more lucrative for criminals to ply their trade digitally rather than physically. Cyber attacks are the modern crime and cyber insurance is the way to protect against them.
We have just improved our restrictive covenants cover to include 'other parties' that have induced a breach, making it the widest standard cover on the market. It means that another employer who has asked someone to join them and break their employment restrictions can now be joined in the actions - making it much nore likely that the victim employer can achieve full financial compensation for the breach.
Tougher regulations for e-commerce distributors in the UK
Many of your clients will be unaware of a new HMRC clampdown on traders selling goods from outside the E.U. (fulfillment houses).
The definition of a ‘fulfilment business’ can be anything from a large-scale operation to an individual channeling goods through a spare room at home.
Any UK business that stores goods imported from a country outside the EU or that are owned by or stored on behalf of someone established outside the EU or that stores goods being offered for sale and haven’t been sold in the UK before will need to register with the HMRC Fulfilment House Due Diligence Scheme.
Our strategy for 2018
As many of you will know, we like to reserve the integrity of our market leading service by ensuring we avoid competing with ourselves - a strategy that means we rarely wok with more than one law firm in each town.
This year we are looking to grow by closing up the gaps in our regional presence and by investing in practical (free) marketing assistance for partner firms.
We will shortly be revamping our range of marketing templates and innovative point of sale support for lawyers, so if you are not in the TLC Marketing Club already let us know of your interest in joining us this year.
Employment Law Firm of the Year 2018
We are close to announcing the regional winners of our Best in Class Employment Law Firm Awards.
Based on their ability to keep employers out of trouble and to mitigate losses, we will be selecting the eight regional winners of our highly prized trophy.
Watch out for an announcement soon. It could be you!