Terrorism – the cost on UK businesses

Tuesday, May 17 2016

Terrorism costs businesses in the UK more than £39billion a year.

And with seemingly more acts of terrorism on our doorstep, businesses are rightly looking at ways of defending themselves against attacks.

According to MI5 the current UK terrorism level is “severe” but these attacks can take many different forms.

Devastating explosions cause untold horrors, or physical attacks on property and assets. However, many attacks may initially go unnoticed – particularly financial attacks online. While still statistically rare, they are still worth thinking about.

Obviously, insurance can’t prevent terrorism attacks but it can help give companies peace of mind leaving them free to run the day to day business. Individual modern terrorism claims could easily cost several million pounds.

Of the £39billion terrorism bill for UK firms, just over half – some £18billion– of the total comes from lost revenues as the result of successful cyber attacks, with the remaining £16bn representing companies’ increased spending on IT as they beef up their defences.

Not only that, experts say the threat of terrorism holds back innovation and productivity. The threat of cyber attack means that some companies are reluctant to utilise advanced new technology, holding back their development.

Terrorism insurance can be built around your particular needs including geographic location, business type, assets and many more factors which need protecting. Our experts can provide the very best advice to make sure you’re covered adequately.

For further advice and to obtain any other insurance quote visit www.wolves-insurance.co.uk