Cyber & Privacy Risk

Those of us who have been around for a few years will typically recall that the primary form of security used to protect our businesses was almost exclusively  physical not so long ago, and would normally include good quality locks, alarms, CCTV, flood prevention measures and the like.

Modern communication technology has rapidly evolved over the last few years and in most ways this has been hugely beneficial to industry, however with progress comes new risk.

It is a fact that in the past few months, we here at Travel Risk Professionals have seen more cyber attacks on our travel industry clients than we have seen burst pipe, fire or theft claims. These attacks have taken various forms:

  • Extortion or Ransom attacks
  • Social Engineering Frauds
  • Fraudulent bookings made via electronic theft of agent login details

The losses we have seen in recent months range from minor to well over £100,000. Traditional office insurance policies will not provide you with the protection you need in the event you find your systems compromised and you’re facing a ransom demand.

Travel Risk Professionals have developed a specialist and cost effective cyber insurance policy with a leading Cyber Underwriter as we feel that this is currently one of the biggest potential threats to our customers currently and at best, if attacked, could lead to a wipe out of a seasons profits or at worst could see your brand damaged beyond salvaging. So what does our policy offer?

  • Cover for loss of revenue incurred following a cyber attack
  • Reasonable fees, costs, expenses and money paid to meet, terminate or mitigate any credible threat of a Business Interruption Event, Data Liability Event or Network Security Event from an actual or attempted extortion by a third party
  • Data Liability
  • Data Restoration Costs
  • Forensic Costs
  • Media Liability
  • Access to a specialist intervention team
  • Notification Costs 

Alan Pattison is available to answer any Atta members questions regarding Cyber & Privacy Risk