DON’T GET CAUGHT ‘NAPPING, FIRMS WARNED
Despite 30,000 people being kidnapped worldwide and held to ransom each year,[1] firms across the Midlands are increasingly doing business overseas. The UK logged over £300 billion in exports for 2013, with import values faring equally well at over £410 billion.[2]
But a top independent insurance broking and risk managing firm is warning companies to be vigilant as they pursue their global operations and expansion plans. Russell Scanlan, with offices in Nottingham and Leicester, wants to raise awareness of the issue and encourage more businesses to consider kidnapping, ransom and extortion (KRE) insurance as a response to it.
Bryan Banbury, Managing Director at Russell Scanlan, explains: “The latest data indicates that it’s not just tourists who are at risk from kidnap, ransom and extortion. We’re seeing an upward trend in serious organised crime networks targeting those travelling on business.
“That’s because we live and work in a global economy, where it’s the norm for staff to go overseas to seal that all important deal or meet suppliers. Sadly, criminals are becoming more sophisticated in the way they target these individuals to extort crucial business information and resources. But many businesses simply aren’t aware of the risks, because these types of crimes often don’t make it into the media.
“That’s why we’re urging companies to be more aware of the consequences of falling victim to KRE types of crime. There are huge personal, financial and commercial risks, and so it is far better to take steps to protect those valuable assets when pursuing commercial ventures abroad.”
There are a number of KRE insurance packages available on the market, and the very best offer a third party negotiator, who is available 24/7, to manage the situation on behalf of the company and employee.
As Anthony Wright, Kidnap, Ransom & Extortion Underwriter from Chubb Insurance explained: “Ransom negotiations are extremely delicate, so by opting for an insurance policy that provides instant access to a negotiation expert, the situation is more likely to be managed swiftly to a successful resolution.
“In our experience, any employee - no matter how senior - can be a target. And those working overseas for longer periods of time are also at greater risk because their routine makes them increasingly vulnerable to perpetrators.
“It is imperative that companies take steps to mitigate such circumstances. Kidnap, ransom and extortion isn’t something that just happens in the movies; it’s a real life threat that is often addressed too late.”
But it’s not just those who are abroad on business who might be targeted. Cyber-crime is also on the up, with businesses across the country reporting - from the comfort of their own UK offices - 68 attempted cyber-attacks each week. This is reportedly costing the UK economy around £27 billion; a huge sum of money that companies just simply cannot afford to lose.
“Businesses should do all they can to ensure they have protection in place to prevent them becoming victims of cyber-crime,” said Andy Watterson, Manager of the Derbyshire and Nottinghamshire Chamber of Commerce’s BusinessWatch.
“But in the event that they do suffer loss as a consequence of an attack, then having appropriate insurance can go some way towards mitigating the damage of data or financial loss.”
Bryan Banbury added: “Evidence suggests that underhand online activity is increasingly being used for ‘virtual kidnap’ or to blackmail businesses. Just recently, new research has emerged to suggest that UK WiFi routers are vulnerable to hackers.[3] The digital landscape is constantly shifting and we all need to up the ante to survive these latest technological threats.”
To find out more about the range of KRE insurance packages that are available on the market, contact the Russell Scanlan team on 0115 947 0032.
Russell Scanlan has a wide-reaching and loyal customer base across the East Midlands and the whole country. The firm specialises in corporate, small business, private clients and specialist sector insurance. For further information, visit www.russellscanlan.com .
For further press information please contact Isabel Jones at Eden PR on 0115 958 8850 or Isabel@edenpr.co.uk .
NOTES TO EDITORS
Russell Scanlan was established in Nottingham in 1881 by Patrick Scanlan, where it has been based ever since. The company’s Nottingham office is located on Wellington Circus in the City centre. Over the years, Russell Scanlan has developed and prospered, and following a successful management buy out in 2007, it expanded into Leicester, opening an office two years later on the outskirts of the City in the Desford area. The firm currently employs 35 staff across its two offices in the Desford area of Leicester and in Nottingham.
