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Cyber-crime is the new fire claim for 2022

22 June 2022

The age of the cyber-attack is fast overtaking the fire as a reason to claim in the world of insurance.

With cyber criminals fast becoming more adept at targeting their prey and utilising ransomware to gain your data, the team at Hazelton Mountford have seen a significant increase in claims – that has now overtaken fire as their most requested claim.

Simeon Chapman has learnt a great deal from a recent ‘brute force attack’ that a client has had to manage.

Simeon and the team at Hazelton Mountford supported the client in, advising Cyber cover in the first instance, attending technical claims meetings and working with the loss adjustor ensure the policy reacts as it should do.

Jess Price, Account Executive, explains: “People often say to us that their data is safe as it’s in ‘the cloud’ and they have firewalls and other mitigations BUT when you think about keeping your home safe you not only have locks on doors and windows, alarms and other measures, yet you still insure your property and its contents. We don’t seem to look at data in the same way, and perhaps we should?”

However, it’s estimated that the attack cost the business over £200k.

Simeon concludes: “Don’t waste any time in mitigating against a cyber-attack. It’s businesses like yours that can suffer greatly if you don’t insure against it.”

Please check out our latest news for updates about cyber security fundamentals, call Simeon on 01905 611951 for a chat or email: simeon@hazeltonmountford.co.uk for more information about how Hazelton Mountford can help you.

Cyber-crime is the new fire claim for 2022