Miles Smith, now Specialist Risk Insurance Solutions, was asked by a large nationwide retailer to undertake a thorough review of its insurance provisions to highlight any potential gaps in cover.

During this process it was established that there was no cover in place for cyber or crime risks, and due to the size of the company, and the nature of its business, this was a serious concern. The main exposures in these areas for the company include:


  • The storage of large volumes of customer data, which is highly valuable to a cyber criminal
  • The inability to trade due to systems being unavailable following a cyber event


  • Employee or third-party collusion and fraud. This is a significant exposure to companies which make and receive large payments
  • A few weeks after the review, the retailer was notified by the police that an employee had been setting up false credit receipts resulting in an irrecoverable loss of over £500, 000, for which there was no insurance cover in place

The retailer is now, on the advice of Miles Smith, now Specialist Risk Insurance Solutions, pursuing a claim against its current broker for negligent advice, as it had not recommended that the retailer take out crime insurance, cover which would have indemnified them against such a loss.

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