Getting serious about cyber

CFC Underwriting’s Graeme Newman considers how public cyber attacks such as the WannaCry hack are helping brokers have the right conversations about digital crime with their clients.

Last year the National Crime Agency revealed that cyber crime had officially overtaken traditional crime in the UK. Where once it was masked bandits holding up bank tellers, we’re now seeing teenagers stealing cash from businesses from the comfort of their bedroom.

CFC’s own claims experience backs this up. We saw a 78% rise in cyber claims in 2016 with just over a third caused by simple phishing scams rather than sophisticated cyber crime.

Perhaps more importantly 90% of our claims by volume