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May 31 17

Why you need Crime Insurance as well as Cyber Insurance for online risks

by Marcus Martin

Cyber attacks are now a “when”, not an “if”, and Cyber security is a pressing management issue. With costs spiralling, Cyber Insurance is a no-brainer – but it’s not enough on its own.

TOP TIP:  as well as Cyber Risks Insurance you need separate coverage for Crime to give financial protection for theft of money and fraud, including phishing scams, electronic wire transfer fraud, telephone hacking and social engineering.

If you don’t already have Cyber Risks and Crime Insurance, talk to us as a matter of urgency – my advice is always free and without obligation.

Cyber Crime Hacker

6 BASES TO COVER IN PREP FOR A HACK OR DATA BREACH

The majority of small businesses have had their digital defences breached in the past year. It’s vital to protect your intellectual property, business information and customer data against online theft and exploitation. Read on for a basic checklist on preparing for a cyber attack:

1. Risk assessment on security and the “what ifs” for your business

2. Security controls: maintain, regularly update and stress-test them

3. Incident response plan: create and share it, and make sure you have the right professional help at the ready

4. External back up systems in place

5. Educate and train all staff to reduce human error

6. Cyber Risks AND Crime Insurance: 

  • If you don’t yet have Cyber Risks Insurance, just try quantifying the potential costs of a hack or breach. Even with well-trained teams and systems in place but it may still happen to you.  With data breaches, hacks, ransomware and human error – you need to make sure you’re covered and have a team of experts on hand to resolve the issue.
  • If you do have Cyber Risks Insurance, check your coverage and limits are still adequate, and that you have access to emergency response teams.
  • Make sure you ALSO have Crime Insurance: financial protection for theft of money and fraud, including phishing scams, electronic wire transfer fraud, telephone hacking and social engineering.

To talk through your data risks, and review your Cyber Liability Insurance, just email me – Charlene Gill – at charlene.gill@laplayainsurance.com or call me on 646 665 7737.

La Playa: Insurance with Intelligence

People like you like us. Passionate. Discerning. Independent.

 

May 31 17

Children of affluent families – 10 talking topics to manage online risk

by Marcus Martin

Children’s online activities not only have implications for security but can also create liability exposures.

Cyber risk has made headlines this month, and I want to draw attention to some of the private risks we face at home – in particular how children of affluent families can be at risk.

Issues like cyber-bullying are increasingly moving to litigation – particularly where a link can be drawn to subsequent self-harm. And families with apparently deep pockets are more likely to be a target.

Cyber Crime Hacker

Online activities are almost impossible to police; the best risk management lies in conversation – read on for our 10 suggested topics.

10 TALKING TOPICS FOR ONLINE RISK MANAGEMENT

Cyberbullying can be as seemingly naive as 10-year-old Jimmy group-texting his pals that 10-year-old Maya is “ugly and stupid.” But if Jimmy continues to make such hurtful comments, and Maya physically harms herself because of them, his parents may be liable for defamation, not to mention Maya’s emotional distress, sleeplessness, anxiety and worse.

“Personal litigation for children bullying other children is on an upswing” – Property & Casualty 360, June 2016

Though there are sevaral apps for monitoring children’s social media activity, it’s almost impossible to police. But you can TALK through the risks and explain that more affluent families may be at higher risk of being sued if they’re perceived to have deep pockets. If you’re short of ideas, Google the names of the apps your kids use plus the word “dangers”…
__________________________________________________________
10 Talking Topics for Online Risk Management

1. Permanance: what they post now could surface later in life when they least expect it – your online presence leaves a trail.

2. The law: one 15-year-old boy in the US exchanged Snaps with a 14-year-old girl, some of which were topless. The boy saved them – and because the girl was 14, in the eyes of state law it was considered child pornography possession. Had the girl’s parents pressed charges, he might have ended up on the sex offender register…

3. Privacy: the Snapchat app reqruies access to your contacts – are they sharing personal info on family and friends?

4. Security: are they posting images of your home and possessions online? What could a hacker find out about your assets?

5. Cyber-bullying could end up in court: – especially if you’re perceived to have deep pockets. It’s not just saying mean things, but also sharing information and pictures against someone’s will

6. Libel/defamation: defamatory comments about teachers could also end up in court.

7. Grooming: online recruiting is the third most productive method for luring young women and girls into prostitution.

8. Friend risk: even if your children are highly responsible, they may find themselves with others who are not. Know when to disengage.

9. Filters on: online connections are real people – don’t say anything you wouldn’t say to their face.

10. Location: are you giving away too much about where you are or where you’re planning to be? Affluent families are more exposed to ransom requests…

And discuss practical ways to stay safe, including:

• Change passwords regularly
• Different passwords for different devices/apps

Let your children teach you about the apps they like to use and why. Help them make smart decisions to keep themselves and their reputations and families safe.

We work with a number of specialist advisers in the cyber risks arena – do let us know if you need any assistance. To talk through the Liability and Legal Expenses cover in your Homeowners Insurance, just email me – Charlene Gill – at charlene.gill@laplayainsurance.com or call me on 646 665 7737.

La Playa: Insurance with Intelligence

People like you like us. Passionate. Discerning. Independent.

May 31 17

Data Breaches are about “when” not “if” – 6 bases to cover in preparation

by Marcus Martin

Why would anyone hack the NHS? Why would anyone hack your business?

But you should be thinking “when”, not “if” now.

Cyber security is a pressing management issue – and with new GDPR data laws, the potential cost of an attack or breach is spiralling.

Cyber Crime Hacker

TIP: make sure your Cyber Risks Insurance covers Crime: financial protection for theft of money and fraud, including phishing scams, electronic wire transfer fraud, telephone hacking and social engineering.

If you don’t already have Cyber Risks Insurance, talk to us as a matter of urgency. Our advice is always free and without obligation.

read more…

May 31 17

The Unique Cyber Risks Facing Children of Affluent Families

by Marcus Martin

Children’s online activities not only have implications for cyber security but can also create liability exposures.

Cyber risk has made headlines recently, and I want to draw attention to some of the private risks we face at home – in particular how children of affluent families can be at risk.

Cyber Crime Hacker

Personal litigation for children bullying other children is on an upswing” – Property & Casualty 360, June 2016

In the US, issues like cyber-bullying are increasingly moving to litigation – particularly where a link can be drawn to subsequent self-harm. And families with apparently deep pockets are more likely to be a target. Online activities are almost impossible to police; the best risk management lies in conversation – read on for our 10 suggested topics.

read more…

Mar 21 17

by Marcus Martin

Acquisition or merger talks – exciting times but fraught with risk…

You’re relying on the probity of the vendors’ statements in the Sale & Purchase Agreement, Tax Deed and other docs – and a lot can go wrong.

Merger and Acquisition Insurance

What if…

  • The vendor breaches their contractual warranties or covenants – but has spent the sale proceeds and can’t reimburse you for the consequences of their mistake?
  • They reimburse you up to the warranty limit, but you’re still out of pocket?
  • A problem arises after they retire, or have left the country with your money?

Warranty & Indemnity Insurance can help protect you financially, providing confidence to oil the wheels in a deal.

We live in interesting times

Whether it’s Brexit, volatility in the equity markets, trouble in the Middle East, turbulence in Asia-Pac or concerns about US politics and policy, there’s plenty of risk to go around.

With UK M&A activity on the rise again, Warranty & Indemnity Insurance is an important piece of the jigsaw, helping to ringfence risk and remove uncertainty for both buyers and sellers:

  • Bringing confidence for all parties: ring-fence SPA warranties and indemnities and transfer them to an insurer
  • Free-ing up capital that might otherwise be stuck in escrow
  • Removing uncertainty around long-term tax liabilities, by passing them to an insurer

Do drop us a line if you have any questions – our advice is always free and without obligation.

La Playa Science & Technology: Insurance with Intelligence

People like you like us.
Passionate. Discerning. Independent.

Mar 21 17

Cancellation Insurance: Saving your Bacon

by Marcus Martin

If you’re organising events this year, it’s worth considering the impact if they were cancelled – do you need Cancellation Insurance to protect your finances?

  • Are you planning an event featuring a named artist or speaker? Could you be affected by their travel delays? What would be the cost to you if they were unable to appear?
  • Could you be affected by bad weather (think high winds as well as rain)? Loss of power? Strikes?
  • Would you need to refund tickets?
  • Are you using a ticket seller? They require proof of Cancellation Insurance as part of their standard terms of business.

Cancellation insurance is an affordable, flexible solution; you can insure any portion of your budget – and opt to insure the key risks that would hit your bottom line the hardest.

read more…

Mar 21 17

IP Insurance: All you need to know

by Marcus Martin

Are you working with images, brands, copy, scripts?

Creative digital and media businesses are wide open to allegations of plagiarism and copyright breach on a gobal basis.

What if…
…You use an unlicensed image?
…You use unlicensed music?
…Someone else had your idea first?
…You look a lot like another company?
…Your content/design is too similar to someone else’s?

Do you have protection in place to fight that battle? The legal costs could be crippling – are you sure you have the right Intellectual Property (IP) Insurance? The average UK IP suit can cost anywhere between £1M and £6M – ouch!

If you’re not 100% sure you have the right IP Insurance in place, do get in touch – our advice is always free and without obligation.

read more…

Mar 21 17

What Lies Beneath: the Age of the Super-Basement

by Marcus Martin

With spring in the air, lots of us have big plans for work on our homes or buying a ‘project’ property.

But with the creative juices flowing, the last thing you need is an insurance-shaped spanner in the works – our Property Project Insurance Checklist can help you make sure things run smoothly.

Renovation insurance

read more…

Feb 2 17

11 Tips to Stay Safe on the Ski Slopes

by Juliet Allan

ski-2If you’re skiing at half term, take a minute to make sure your travel insurance is all in order – and make time to talk through some winter sports safety points* with your family or group.

Despite the safe ‘bubble’ feeling on the slopes these days, you’re still at the mercy of the elements and the weather – and as we’ve seen recently, accidents and avalanches are a real threat.

Even the most competent skiers and snowboarders can be involved in collisions or accidents. Read our top tips for staying safe on the slopes*:

  1. Take out the right winter sports travel insurance package and keep hold of your travel insurance medical emergency helpline number – as well as your policy number. Our Chubb and AIG policies include Winter Sports – with others it’s an option.
  2. Make sure your skiing or boarding equipment, whether your own or hired, is in good order. It should fit your height, weight and skill level.
  3. Wear protective headgear or a helmet – make helmets mandatory for your children.
  4. Take lessons if you’ve never skied before. If you haven’t been on the piste for a while, a lesson or two will polish up your skills.
  5. Remember that skiers or boarders in front or below you on the piste have right of way.
  6. Know your limits – ski or snowboard to your skill level.
  7. Respect the mountain and obey all warning signs – especially during avalanche season.
  8. Never go off-piste unless you are authorised to do so by the resort. Your insurance won’t cover off-piste skiing unless you’re accompanied by a qualified guide.
  9. Carry a fully-charged mobile phone with you.
  10. Don’t drink and ski. A glass of wine or beer with your lunch is fine, but excess alcohol will slow your reactions and affect your observation and balance.
  11. Remember to take an EHIC card. It still offers state-provided emergency medical treatment in EEA countries.

Many of La Playa’s home policies include winter sports travel insurance, but do check – and be aware that if you go off piste, you’re not covered!

Happy ski-ing!

To talk through your travel or home insurance, contact mike.taylorwest@laplayainsurance.com.  our advice is always free and without obligation.

*with thanks to Aviva

Feb 2 17

How Could Terrorism Affect Your Organisation This Year?

by Juliet Allan

With political and economic dynamics hotting up globally, it’s a good time to check you have the right insurance protection against the threat of Terrorism.

Tracey McCreath, Director of Media, Arts & Entertainment

Tracey McCreath, Director of Media, Arts & Entertainment

Terrorism is rarely confined to government or military targets – all public venues and transit routes are considered fair game. Your organisation could be affected not only by a terrorism incident but also by a threat or false alarm. If roads are closed or access restricted, that could hit your income – and without separate Terrorism cover, your insurance is unlikely to cover it.

How Terrorism Insurance Works
For some time now, UK insurers have been unwilling to provide full cover for loss, damage or interruption due to terrorism – preferring instead to pass on the majority of such risks to Pool Re, the government-backed terrorism insurance programme.

Most insurers providing commercial property and consequential loss insurance (more commonly referred to as business interruption) in the UK are members of Pool Re and can offer terrorism cover to any client who requests it, as part of the relevant commercial policy they issue.

***But Terrorism Insurance has to be bought separately***

If you don’t have Terrorism Insurance and would like a quote, or if you’re unsure if your current policy covers terrorism, contact: Tracey McCreath tracey.mccreath@laplayainsurance.com.  Our advice is always free and without obligation.