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Cyber Insurance

Please see below an article released by BIBA in respect of the recent attack of Ransomware that has effected a number of organisations worldwide.

“As you may be aware, there has been an outbreak of a ‘ransomware’ type of computer virus called WannaCry, affecting users in many countries around the world. These have included firms such as FedEx and many NHS trusts. It is believed to have led to 57,000 infections in 99 countries.

Ransomware is a type of malicious software that locks and encrypts a user’s files until a ransom is paid. Cyber security experts strongly advise against paying a ransom as there is no guarantee that the files will be decrypted and the user is often placed on a list of people who pays ransoms – making them more of a target in future.

WannaCry exploits a vulnerability in Microsoft, which released a software patch to fix it in March. However, many users fail to install updates and patches on their computers meaning vulnerabilities can remain open a lot longer and make it easier to exploit.

Up to 80% of cyber-attacks can be prevented by undertaking Cyber Essentials – the Government-backed cyber security certification scheme that sets out a good baseline of cyber security suitable for all organisations in all sectors. BIBA strongly recommends that members and their clients undertake cyber essentials to help reduce the risk of succumbing to an attack:

If you or any of your clients have been affected, the National Cyber Security Centre has advice on steps to take:

In addition, CFC, the BIBA Cyber Insurance Scheme providers have given us some useful information on cyber security which is available on the BIBA site

Steve White
Chief Executive”

Young Broker of The Year Award 2017

We were pleased that one of our Account Executives – Luke Jones was nominated for the BIBA ‘Young Broker of The Year Award 2017’.

The Award recognises young brokers for their excellent performance and contribution to broking and aims to encourage commitment to the future professionalism of the insurance industry.

Luke reached the final 7 which culminated in a TV’s Apprentice style interview and team building activities at BIBA’s Head office in April.

Unfortunately, Luke did not win the process however as a business we are extremely proud of his achievement and the recognition he has received for his work.

Luke said, “I am extremely proud to be selected for such a recognised award. I must thank all of my colleagues for the support and guidance throughout the selection progress and for helping to developing my career.”

Luke is the current BIBA Young Broker Ambassador for the West Midlands region. As the ambassador for the region he is looking to support and assist all brokers aged 30 and under with any advice / support they may require to build their career in the insurance industry.

IPT Change

IPT applies to all insurance policies, whether personal or commercial. With effect from 1st June 2017, any new policy, renewal of an existing policy or mid-term adjustment to a policy will invoke an IPT charge of 12% 

NEWS FLASH – IPT increase effective, November 2015

In the 2015 budget, the Government announced an increase in the rate of Insurance Premium Tax (IPT) from 6% to 9.5%.

Find out more
NEWS FLASH – IPT increase effective, November 2015
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