Cookies

Cookies help us deliver the best experience on our website. By using our website, you agree to the use of cookies. View our Cookie Policy

The real cost of a business cyber attack

01/11/2021

The cost of a cyber-attack vs cyber insurance

A Vista client recently fell innocent victim to a phishing cyber-attack that cost their business over £100,000. Although the breach didn’t have an immediate financial impact on their balance sheet, the knock-on effects and investments needed into system upgrades, better protection and staffing costs soon mounted up. Following the attack came a £30,000 system upgrade and a further £70,000 bill on staff overtime to facilitate the improvements, which understandably hit the business hard. Like many businesses our client had previously never considered cyber insurance but now they would never be without it.

The recommended cyber insurance was quoted at £3,800 and as expected the client was very keen to proceed, but unfortunately things weren’t quite that straightforward. Given the previous attack and the perception that the business was a high risk, the insurer declined cover.

This is where the team at Vista made a difference. Communicating and negotiating with the insurer to demonstrate that the client’s investment, into system upgrades, enhanced security, ongoing testing, and new protocols, meant that the client was a far safer risk than initially thought.

Through Vista’s hands-on approach and support, we successfully secured cover for the client for everything they required.

Nigel Bailey, Vista’s Sales Manager who advised on the cover said “When our client approached us, they had lost their entire invoicing system and had to use backup data which was out of date to clear their systems of the attack. Although there wasn’t a direct loss to the business, the disruption, and manpower needed to get back up and running resulted in significant and unplanned expenses. The importance of cyber security insurance is now at the forefront of their risk strategy and will be a key business purchase every year. We were delighted to be able to secure cover this client and the extra steps we took in negotiation with our insurer panel are all part of the Vista personal service”.

If you would like to know more about cyber insurance contact us today.

Latest News from Vista...

The Crooked House Fire - A Blog Piece by Vista Director, Peter Warburton

The Crooked House Fire - A Blog Piece by Vista Director, Peter Warburton

The Crooked House pub in England's West Midlands, met a tragic fate last year when it succumbed to a suspicious fire and was subsequently demolished....

View full article »

Protect your business from flooding in event of a storm with parametric insurance

Protect your business from flooding in event of a storm with parametric insurance

Flood damage costs the UK around £1.3 billion a year* and with global warming become an increasing problem across the globe, the risk of flooding rises increasingly each year.

View full article »

Our latest Private Equity 2023 Deals Round-Up is here

Our latest Private Equity 2023 Deals Round-Up is here

Our latest Private Equity Deals Round-up is here and has just some of the highlights from the 72 deals we completed in 2023. 

View full article »

The damage caused by Storms Isha and Jocelyn remind us of the importance of adequate insurance policies

The damage caused by Storms Isha and Jocelyn remind us of the importance of adequate insurance policies

Marking the 10th storm since the season began in September 2023, Storm Jocelyn and Isha have caused havoc across the UK and Ireland

View full article »

Important Information - Multi-occupancy Building Insurance

Important Information - Multi-occupancy Building Insurance

On 29 September 2023, the Financial Conduct Authority (“FCA”) published its multi-occupancy building insurance policy statement. Read on to find out more....

View full article »

Celebrating our apprentices success

Celebrating our apprentices success

At Vista we are committed to helping our employees reach their full potential in both the business and the wider world. We also believe strongly in giving new development opportunities to our staff and new starters the opportunity to expand their skills,

View full article »

The Building Safety Act - Deadline 30th September

The Building Safety Act - Deadline 30th September

We have just over one month to go before the 30th of September 2023 deadline, for those responsible for the safety of high-rise residential buildings, to register on GOV.UK to comply with the new Building Safety Act.

View full article »

Vista's commitment to Consumer Duty

Vista's commitment to Consumer Duty

You may have heard about the new Consumer Duty which comes into effect on 31 July 2023, but what is it exactly and what does it mean for customers?

View full article »

Inflation in the Construction Industry – Insurance Considerations

Inflation in the Construction Industry – Insurance Considerations

It is well known that contractors operate on slim margins and are facing phenomenal challenges in the current climate. Read on to find out more and how Vista can help...

View full article »

Vista Insurance announces duo of executive team appointments

Vista Insurance announces duo of executive team appointments

We are delighted to announce two internal promotions to our newly formed exec team. Ross Hayden, Head of Corporate has been promoted to Director of Corporate alongside Richard Whitham, currently Head of Creative (South) to Director of Schemes & Affinities

View full article »

Insurance Backed Guarantees at Vista

Insurance Backed Guarantees at Vista

At Vista Insurance Brokers we can arrange Insurance Backed Guarantees (IBG’s), a guarantee to honour the terms of the written guarantee originally issued by the installing contractor if a contractor has stopped trading.

View full article »

Cerebral is raising money for Manchester Mind with a 'walk and talk' event

Cerebral is raising money for Manchester Mind with a 'walk and talk' event

Cerebral Clothing are raising money for Vista's charity partner, Manchester Mind

View full article »

How Vista can help you with Rights of Light Insurance

How Vista can help you with Rights of Light Insurance

Take a look at a type of insurance that developers and funders must consider, very early in their risk management strategy. Rights of Light insurance and how Vista can help you with it.

View full article »

Insurance for Modular Developments   

Insurance for Modular Developments  

A closer look at modular building, why developers choose it and how Vista can help you insure it correctly

View full article »

Quantum dots and taking on the giants

Quantum dots and taking on the giants

A recent high profile court case saw a multi-million dollar out of court settlement by tech giant Samsung following an IP infringement against a much smaller UK based company, Nanoco.

View full article »

Why start-ups are still at risk of cybercrime

Why start-ups are still at risk of cybercrime

It's a common misconception that only big companies are the main targets of ransomware, start-ups and small businesses are at major risk too

View full article »

Vista team raises money (and toys) for Wood Street Mission

Vista team raises money (and toys) for Wood Street Mission

The team at Vista have been busy providing toys, resources and more for children and families at Wood Street Mission.

View full article »

Our latest Private Equity deals - November 2022

Our latest Private Equity deals - November 2022

Read more about Vista's latest Private Equity deals here

View full article »

Is your commercial property insured enough for a rebuild?

Is your commercial property insured enough for a rebuild?

Did you know that more than 9 out of 10 buildings in the UK are insured for the wrong amount? Find out how Vista and RebuildCostAssessment.com can help you overcome this.

View full article »

Flood risks and parametric insurance

Flood risks and parametric insurance

How Vista and Floodflash can help protect your business from flooding

View full article »

Is Your Business Effectively Maintaining Electric Vehicle Charging Points?

Is Your Business Effectively Maintaining Electric Vehicle Charging Points?

Effectively maintaining electric vehicle charging points can be something that's often overlooked with a lot of commercial businesses...

View full article »

The Rise of Parametric Insurance

The Rise of Parametric Insurance

With the rise in technology and different ways to measure risks, the demand for parametric insurance is on the rise

View full article »

Vista Raises Awareness For World Mental Health Day 2022

Vista Raises Awareness For World Mental Health Day 2022

Vista helped raise awareness for World Mental Health Day and treated our staff to Pizza for lunch and a chance to relax

View full article »

Vista appoints new Head of Technology & Life Science

Vista appoints new Head of Technology & Life Science

Vista has appointed a new Head of Technology & Life Science, Lisa Petherick

View full article »

Vista Is Raising Money For Manchester Mind

Vista Is Raising Money For Manchester Mind

Vista is raising money for Manchester Mind by competing in the Tough Mudder challenge

View full article »

We won Commercial Lines Broker of the Year 2022

We won Commercial Lines Broker of the Year 2022

We are delighted to announce we won Commercial Lines Broker of the Year at the UK Broker Awards 2022

View full article »

National Day of Mourning – Monday 19th September 2022

National Day of Mourning – Monday 19th September 2022

As a mark of respect to Queen Elizabeth II, our offices will be closed on Monday 19th September 2022.

View full article »

Vista appointed Gold Partner of Sci-Tech Daresbury

Vista appointed Gold Partner of Sci-Tech Daresbury

We are pleased to announce that we are now a Gold Partner of National Science and Innovation Campus, Sci-Tech Daresbury.

View full article »

The Power of Insurance Due Diligence

The Power of Insurance Due Diligence

In our latest E-Book, we explore the importance of insurance due diligence and the dangers of ignoring it

View full article »

Our 2022 Half-year Private Equity deals roundup is here

Our 2022 Half-year Private Equity deals roundup is here

Check out a run-down of the Private Equity deals we have completed so far in 2022

View full article »

Meet the team - Catriona Jackson-Graham

Meet the team - Catriona Jackson-Graham

Cat is one of our Finance Apprentices here at Vista, this week, we asked her to tell us about her journey to Vista Insurance

View full article »

Electric batteries and their risks

Electric batteries and their risks

Renewable energy usage is only increasing and with it, so does the demand for electric batteries. We looked into the potential risks of battery storage and why adequate cover for them is invaluable.

View full article »

New algorithms are a breakthrough for cyber security

New algorithms are a breakthrough for cyber security

A new algorithm has been discovered that helps protect systems further from cyber attacks

View full article »

Why should you use an insurance broker?

Why should you use an insurance broker?

There are a lot of advantages to using an insurance broker instead of relying on search engines and comparison sites. We rounded up the top four reasons you should use an insurance broker.

View full article »

New Head of Private Equity appointed at Vista Insurance

New Head of Private Equity appointed at Vista Insurance

From 4th July 2022, exactly eight years from the date the Vista management team went independent and formed the business, Vista is pleased to announce that Dan Blake has joined the senior management team as the new Head of Private Equity.

View full article »

Vista celebrates 8 years of business

Vista celebrates 8 years of business

Vista is celebrating 8 years of being in business!

View full article »

Unlocking residential development funding

Unlocking residential development funding

At Vista, we are always trying to find new ways to assist our clients, this time, we look at how we can aid our clients in the property industry with a new insurance product

View full article »

We're shortlisted

We're shortlisted

We are so pleased to announce that we have been shortlisted for Commercial Lines Broker of the Year at the UK Broker Awards 2022!

View full article »

Vista awarded winners of Fast Brokerages 2022

Vista awarded winners of Fast Brokerages 2022

Vista has been announced as a winner of Insurance Business UK Fast Brokerages 2022.

View full article »

Why are the costs of claims rising?

Why are the costs of claims rising?

Over the last year the cost of living has risen because of the Consumer Price Index (CPI) increase. We have produced a handy guide, looking at the influences on claims trends and the impact on claims costs.

View full article »

April Showers - how to protect against commercial flooding

April Showers - how to protect against commercial flooding

With unpredictable April weather bringing heavy rain, it's time to consider commercial flooding and your risk management strategy.

View full article »

The quick guide to integrating electric vehicles in your fleet

The quick guide to integrating electric vehicles in your fleet

Reduce risk, protect your drivers and lower your running costs

View full article »

Project Thomas (Water Direct Limited) - Completed Purchase

Project Thomas (Water Direct Limited) - Completed Purchase

Soris Capital Partners completed the purchase of Water Direct Limited with additional funding from Pascal Whittet at Ethos Partners LLP.

View full article »

Commercial Flood Risk Report 2022 - facts and figures

Commercial Flood Risk Report 2022 - facts and figures

2022 has seen its fair share of extreme weather already, with Storm Dudley, Eunice and Franklin arriving in quick succession.

View full article »

Landlord Underinsurance - Don't Get Caught Out

Landlord Underinsurance - Don't Get Caught Out

Our guide explains how landlords can avoid being caught out by underinsurance.

View full article »

Warning – expect protracted auto repair delays

Warning – expect protracted auto repair delays

Delays in vehicle repairs way beyond the normal period.

View full article »

Private Equity Deals Round-Up 2021

Private Equity Deals Round-Up 2021

2021 was an incredibly busy year for the Vista Private Equity team, our busiest yet in fact.  We advised on over 70 deals and continue to see increased numbers of portfolio clients making add-on acquisitions.

View full article »

Project Spark (Flint Global Limited) – Minority Investment

Project Spark (Flint Global Limited) – Minority Investment

Vista assisted Growth Capital Partners LLP with insurance due diligence for their minority investment in Flint Global Limited.

View full article »

One month on is Log4Shell the calm before a Ransomware storm?

One month on is Log4Shell the calm before a Ransomware storm?

Log4Shell is a so-called zero-day vulnerability — named as such since affected organisations have zero days to patch their systems...

View full article »

Tevva Case Study

Tevva Case Study

Read our recent case study on how we worked with Tevva in an incredibly challenging insurance environment.

View full article »

Vista / YFM Equity Partners - Deal Update

Vista / YFM Equity Partners - Deal Update

The latest deal from our Private Equity team.

View full article »

W&I Insurance - should I consider this on every deal?

W&I Insurance - should I consider this on every deal?

Should you be considering Warranty and Indemnity (W&I) cover on every deal? With increased market choice, lower premiums including much lower minimums, and better coverage than ever before the answer is YES.

View full article »

Cyber attack brings SPAR to a halt

Cyber attack brings SPAR to a halt

Is your business covered for such an incident?

View full article »

Hybrid working – Will businesses see a rise or fall in claims against them?

Hybrid working – Will businesses see a rise or fall in claims against them?

Hybrid working – Will businesses see a rise or fall in claims against them?

View full article »

The real cost of a business cyber attack

The real cost of a business cyber attack

4 in 10 businesses (39%) reported having a cyber security breach in the last 12 months, according to Gov.UK's Cyber Security Breaches Survey 2021.

View full article »

Vista sees turnover increase by over 30% with further growth expected

Vista sees turnover increase by over 30% with further growth expected

Vista Insurance Brokers Ltd. has recorded a 32.7% increase in turnover up from £15.6M to £20.7M, for their annual reporting period to July 2021.

View full article »