Teddington insurers launch cyber-crime awareness campaign

By Coversure Teddington

19th May 2024 | Local News

Mel Franke, a senior broker at Coversure Teddington, says insurance claims for cyber-attacks average £21,000. (Photos: Coversure Teddington)
Mel Franke, a senior broker at Coversure Teddington, says insurance claims for cyber-attacks average £21,000. (Photos: Coversure Teddington)

Local insurance brokers Coversure Teddington is launching a public awareness campaign to warn businesses in the area of the real risks of cyber-attacks. 

1 in 5 businesses have been victims of cyber-attacks in the last year and are 67% more likely to have experienced a cyber incident than a physical theft.

Mel Franke, a senior broker at Coversure Teddington, said: "Average claims for cyber-attacks which can include ransomware, malware, and phishing are £21,000. 

"Small- and medium-sized businesses here in Teddington may feel they have less exposure, but the reality is that any business of any size is potentially at risk and depending on the severity of an attack it could mean that it ceases to trade."

In reality, cyber-criminals are not identifying their victims due to the type of business or industry they are working in.

Instead, they target businesses with security gaps in their IT systems, or security procedures that are out of date, meaning any business of any size could be at risk.

For victims, a successful attack could mean facing significant bills and employees losing their jobs due to lost income.

Coversure Teddington's top tips for business online security

  • Regularly review your internet security and make sure any recommended updates are installed as soon as they are available.
  • Speak with other businesses in your industry or research online about which broadband providers have specialisms in your sector and may offer bespoke software packages that are above and beyond standard broadband arrangements.
  • Regardless of the size of your business, it's essential that any employees understand what the risks look like and what action should be taken if they suspect something. Some of the most costly attacks have arisen as a result of an innocent-looking link being clicked or email being opened.

Additional information and free business guides are available from The National Cyber Security Centre's website here.

The Coversure Teddington team hope their cyber-crime awareness campaign will help prevent local businesses from falling victim to attacks like ransomware, malware, and phishing. (Photo: Coversure Teddington)

Although the potential costs to businesses in the event of an attack could be devastating, Cyber Insurance policies through Coversure start from just £50 plus Insurance Premium Tax (currently 12%).

This policy could cover Micro-Businesses with up to £1M turnover and under 10 employees – perfect for the independent businesses at the heart of Teddington's community.

Thank you to our sponsor Coversure Teddington for supporting Teddington Nub News. Without them, this online newspaper would not be possible.

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