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1 Sep 2022

Home Office data has shown more customers leaving shops, restaurants and petrol stations without paying as the cost-of-living crisis bites. The data shows there were 51,486 offences of...

31 Aug 2022

Industry charity GroceryAid has teamed up with Business Debtline to provide support and guidance to the growing number of independent retailers facing debt and unpaid invoices.
The move...

30 Aug 2022

Nearly 14% of small UK businesses expect to close in the next twelve months, according to a new report published by the Federation of Small Businesses.

25 Aug 2022

The Trade Remedies Authority, the UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports, has proposed that...

24 Aug 2022

The Department for Transport has announced a £12.7m trial to begin later this year, in which GPs in England will be able to prescribe walking or cycling as a way of improving mental and...

23 Aug 2022

Government research has revealed that UK businesses only begin to appreciate the importance of cyber security once the business has sustained a “serious” attack.

18 Aug 2022

Small shops are defined as any shop less than 1,850m² (or 20,000 ft²). There are around 500,000 small shops in England and Wales – accounting for £11.5bn worth of rateable...

18 Aug 2022

Over 100 leading UK retailers have written a joint letter to Police and Crime Commissioners in England and Wales requesting that violence and abuse against retail workers be made a priority,...

17 Aug 2022

Industry magazine BikeBiz has opened nominations for its annual retailer awards in association with ArmaUrto. Categories include IBD of the Year, Omnichannel Retailer of the Year, and Best...

17 Aug 2022

According to the BRC-KPMG Retail Sales Monitor, retail sales rose in July though the news came with a warning that this could be the “lull before the storm”.

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Cyber risk for the cycling industry

Posted on in Business News , Cycles News

As the world evolves alongside advancements in technology, the ways in which business is conducted, and their associated risks, do too. Cyber risk is now present in most business operations and business owners are beginning to understand that you do not need to be a digital business to be exposed to cyber risks, only digitally dependent.

So, what do we mean by a business that is digitally dependent? We mean any business that relies on digital services or data to operate. For example, an cycling business may not see themselves as a digital business, but they rely more on technology and data today than they ever have done before.

Some of the common ways in which cycling business rely on technology are:

  • Creation and storage of invoices and receipts
  • Taking and making electronic payments (via computer or mobile)
  • Use of email
  • Storage of employees and customers personal information (names, addresses, payment details)
  • Social media or online marketing
  • Online sale of bicycles, parts or services

Cyber Insurance

Cyber Insurance can be sought to cover the costs of each loss caused by cyber attacks. Whilst it is important to remember that not all cyber insurance policies are the same, OSR, in association with long-standing ACT partner Butterworth Spengler CycleSure, are pleased to confirm that Optimum Cyber Plus policy can provide the following benefits:

  • Cover for Business or Network Interruption losses including costs associated with Reputational Harm
  • Cover extended to Cloud or Outsourced locations
  • Cover for E-theft losses with no hack or penetration of the network (Social Engineering)
  • 24/7 Incident response team comprised of IT Forensics experts, Lawyers and PR experts
  • Cover for Human Error or accidental deletion of data
  • Liability for losses caused by the transfer of any Malware, Virus or Ransomware to a third party
  • Liability and Compensation costs associated with a data breach or breach of any privacy legislation

In addition to the policy coverage, all OSR policyholders receive the following suite of complimentary Risk Management aides:

  • A network vulnerability scan, and 2 days free consultancy to resolve any issues highlighted by the scan, from KryptoKloud
  • A complimentary, one-hour consultation with one of the UK’s leading GDPR consultancy practices, GDPR123.
  • Employee security awareness training modules covering Cyber Crime, Data Protection and Security
  • Access to a Cyber Essentials Certification and Management
  • Commercial Grade antivirus and offsite backups from Avast for businesses turning over up to £5m annually.

Fore more information on Cyber Insurance visit the ACT website here.

 

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