Riskworks Business Services are committed to ensuring that your business is protected against the growing cyber threat, by bringing awareness to the risks you face and the easy solutions that can keep your business from becoming a victim. Our commitment is such, that we have expanded our business to bring to you a new specialised team of cyber insurance experts ready to provide you with comprehensive and affordable cyber insurance solutions.

Cy-Ins Works is the new unique brand for all Cyber Insurance requirements providing not only an insurance product that can be tailored to your business but also provide expert advice and risk management on how best to keep the hackers at bay.

Approximately 60% of Small to Medium Enterprises that suffer a cyber-attack for which they are not insured, will go out of business in the 6 months following an attack. Having your business hacked or criminally exploited, is increasingly becoming a norm and we have sadly moved into an age where being hacked it is a matter of ‘when’ and not ‘if’.

Cy-Insworks Buyers Guide to Cyber Liability Insurance Riskworks Business Services Ltd

In the News

The latest news on the dangers of Cyber crime:

What can we learn from some of the biggest data breaches in history? (2 Feb 2022 – MBN Market Business News)

Cyber attacks at an all time high for UK corps (31 January 2022 – itsecurityguru.org)

Cyberattack surge causing havoc for UK professional services organisations (20 January 2022 – oenmagazine.com

Cyber Webinars

Cyber Loss Prevention Forum Launched to Tackle Rising Costs to Business of Cyber Attacks and Fraud. Riskworks Business Services Ltd have teamed up with Security Software and Fraud Prevention experts, VaultConnect to help business leaders better understand their exposure and how to reduce the total cost of fraud and cyber-attack.

The Cyber Loss Prevention Forum will bring together experts in fraud prevention, risk management, cyber security, the legal sector and employee management.  It will focus on helping business owners and directors to make informed decisions to reduce risk, prevent loss and protect their business.  Calling upon the network of professionals they work with to help their clients as well as their own expertise, Riskworks and VaultConnect will host a series of monthly webinars and publish guides and advice.   The Forum’s aim is to deliver actionable insights and pragmatic, non-technical information to help businesses to reduce the total cost of cyber security and fraud prevention.

Watch past Webinars

Facing up to Cyber Risk.

There is no hiding from the fact that Cyber risk to UK business is significant, sophisticated, and growing.  The cyber threat is both varied and adaptable.  It ranges from high volume opportunistic attacks where technical know-how is bought rather than learned, to highly sophisticated persistent threats involving bespoke malware designed to compromise.  The continuing rise of internet-connected devices is giving attackers of this nature even more opportunity.

Cybercriminals seek to exploit UK organisations and infrastructure for profit and gain. They may directly steal money or monetise their capabilities indirectly through intellectual property theft through extortion or through malware.

It’s not a matter of will this happen to my business is more a matter of when in today’s climate and businesses must make sure they are both facing up to the risks and have measures in place to insure and protect the business should the worse happen.

This is not scaremongering it is a pure business fact and one that needs attention now.

Cyber impacts on business of all sizes

Government statistics reveal that half of UK businesses suffered a cyber security breach or attack in the last 12 months, rising to two thirds among medium to large sized businesses.

The ‘Cyber Security Breaches Survey 2017’ states:

 • 7 out of 10 businesses have identified a breach on some level.

 • Most common attacks are fraudulent emails closely followed by viruses, spyware and malware.

 • A further quarter suffered temporary file loss, whilst one fifth had software or systems corrupted.

 • 1 in 10 lost access to third party systems they rely on

 • 1 in 10 had websites taken down or significantly slowed down

The most successful cyber attacks are not that sophisticated but can cause serious commercial damage.  If you work hard to get the basics right as a business of any size you can help protect your reputation, finances and operating capabilities considerably.

Cyber and Data Risk Insurance – What is covered?

Internet and network exposures are usually excluded from traditional insurance policies. Riskworks, however. works with leading cyber risk insurers to develop cyber risk insurance protection including:

• Liability, privacy and confidentiality

• Telephone and mobile hacking

• Copyright trademark defamation

• Malicious code and viruses

• Business interruption and computer failure

• Attacks, unauthorised access, theft, website defacement and cyber extortion

​• Liability, privacy and confidentiality

• Telephone and mobile hacking

• Technology errors and admissions

• Intellectual property infringement

• Consequential reputational harm

Our Mini Guide to Cyber Risks

The potential losses fall into two categories:

FIRST PARTY (OWN LOSS) EXPOSURE

This emanates from a network interruption to a company’s own computer system which causes them a business interruption loss. Losses could include the loss of revenue, profits, increased cost of working, the costs of repairing or restoring computer systems and the cost of retrieving or restoring computer records. There is also the potential loss from consequential reputational harm.

THIRD PARTY
EXPOSURE

This is the liability an organisation has to a third party as a result of the information contained within the website or any sensitive, personal or confidential information that could be contained within their systems ie: credit card details. Companies have an obligation to protect such information and in the event of this being released or misused could face civil, legal or regulatory action.  Third party claims against businesses often come from parties completely unknown to them and can have a dramatic and unexpected impact on trading.

Ransomware

Ransomware is malicious code that is used by cyber criminals to launch data kidnapping and lockscreen attacks.  The motive for this type of attack is monetary and unlike other attacks the victim is usually notified that an exploit has occurred and is given instruction for how to recover.  Payment is often demanded in virtual currency to protect the criminals identity. It can be spread through malicious email attachments, infected software apps and external storage devise and compromised websites. Lockscreen attacks can change victims login credentials for a device. In data kidnapping the malware may encrypt files on devices and all those connected to it. To protect against ransomware and extortion businesses are urged to back up regularly and update anti virus software. End users should be made aware of clicking on links from unknown party emails. Whilst ransomware attacks are nearly impossible to stop there are important data protection measure that both individuals and organisations can take to insure that damage is minimal and recovery is as quick as possible.

What makes us experts in the cyber market

Internet and network exposures are usually excluded from traditional insurance policies. Riskworks, however, works with leading cyber risk insurers to develop cyber risk insurance protection including:

• Liability, privacy and confidentiality

 • Telephone and mobile hacking

 • Copyright trademark and defamation

 • Malicious code and viruses

 • Business interruption and computer failure

 • Attacks, unauthorised access, theft, website defacement and cyber extortion

 • Technology errors and admissions

 • Intellectual property infringement

 • Consequential reputational harm