Two West Midlands firms have teamed up to pool their skills in a ground-breaking deal that could save millions of pounds for businesses hit by cyberattacks.
There were over 400,000 reports of fraud and cybercrime in the UK last year. But bosses at Gravity Risk Services say while the number of new policies has increased by 23%, a large number of businesses are still uninsured leaving them exposed to huge losses.
Businesses have certain IT benchmarks to maintain, including safeguarding against an attack by having good cyber security practices in place, secure data management, and much more. Failure to have these measures in place could result in insurance companies not paying out on claims.
Gravity Risk Services, an award-winning insurance broker, says the joint venture with Birmingham IT support and cyber security company, Superfast IT will help dramatically reduce the number of rejected claims while improving cyber security for all customers.
Bosses also say the innovative partnership will save firms money by making them more secure, enjoy improved business continuity and ensure companies continue to grow with the latest technologies to call on.
Dale Collett, managing director at Gravity Risk Services, said:
“This is an innovative partnership in every sense of the word and will have a massive impact on both of our client bases.
“As the number of cyberattacks continues to rise across the country, so do the number of businesses seeking insurance protection to keep their business going in the event of an attack. But working with Superfast IT has shown us that insurance alone isn’t enough. Companies need to have secure IT systems in place to protect themselves or they make themselves vulnerable to doubts over whether or not they took reasonable steps to safeguard themselves in the first place.
“Through this partnership, our customers have the best protection throughout which helps to minimise the risk of insurance providers not paying out.”
Superfast IT will provide a cyber health check of the business IT structure. It includes data check-ups, virus protection, firewall protection to identify security gaps that could result in a void cyber insurance policy.
James Cash, founder and managing director at Superfast IT, explained:
“It is always better to try and prevent a cyberattack or an insurance claim which is where our expertise comes in. It goes without saying that firms need to stay ahead of the game when it comes to cyber security and IT or face severe disruption.
“Not only does this make good business sense in terms of a healthy place to grow, but could also save companies money in the long run.”