Insurance Knight Consultancy Picks Up Collaboration Award
I am delighted to announce that the Insurance Knight Consultancy, along with two other business partners has been awarded this year's Co-operative Development Scotland Collaboration Prize.
Our consortium, Terrier Risk Partners, aims to bring a risk management service for businesses to protect against cyber crime. Working together with these partners gives us access to new markets to grow our business, while offering our customers a 360 degree review of their IT systems. This holistic service is rarely available in today's market, so I am very excited to be a part of this new venture.
Terrier Risk Partners provide expertise in Risk Assessment, Business Continuity, Protection and Recovery as a combined proposition to firms who have identified a need to improve their ability to protect against and reliably and efficiently recover from disasters related to IT.
What can we offer?
· Risk Assessment
Wildcat Applications Ltd are a risk assessment consultancy, and can offer an analysis of the organisation’s existing IT systems, including its computers (laptops, workstations, servers), mobile devices (smartphones and tablets), applications (on premise and cloud-based), networking equipment, and the processes which determine what changes are made to these systems and by whom. There will be a particular focus on IT service continuity, cyber security and customer data protection.
· Business Continuity & Recovery
3 Minutes to Midnight provide advice enabling client organisations to identify areas of risk and the impact, if realised, they may cause. They are a business continuity consultancy who examine the client's business from the perspective of information technology, premises, and process priorities, publicity and public infrastructure. They then work with clients to produce plans that will enable an organisation to recover, if they are affected by an incident damaging to their business.
The Knight Insurance Consultancy provide commercial insurance brokerage. We match the needs of the client's business and cover it effectively, by offering insurance products including cyber liability and business interruption.
It was Tom Inglis of Wildcat Applications who first came up with the idea to collaborate. He recognised the opportunity for providing a service to SMEs offering a holistic approach to cyber resilience.
I first met Tom at a networking event years ago, and bumped into him again recently. He introduced me to Alison Stone of 3 Minutes to Midnight Ltd. and we formed our collaboration with the competition in mind.
Being part of a consortium co-operative like Terrier Risk Partners will help our business grow while minimising costs. It will also help us to access new markets, while still retaining our own brand identity and independence. One of the biggest benefits is that hopefully, within the partnership, the Insurance Knight Consultancy will be able to achieve much more than we would on our own.
"Winning the prize gives us a platform to launch the business. Both in terms of being able to invest more quickly from the start-up phase, and the free PR that will be generate. The consultancy assistance will enable to develop and grow the business as well." Chris Knight (The Insurance Knight)
Filling a Gap in the Market
Organisations are wholly reliant on IT systems and the internet in the daily operations of their business. There is also a legal obligation to protect customers' data, which is at an increasing risk of hostile activity from cyber attackers. In spite of this, many organisations have not reviewed their IT systems to ensure they are protected. The 2016 Horizon Scan report of the Business Continuity Institute identifies the top three threats to business as:
· Cyber attacks
· Data breaches
· Unplanned IT and telecoms outages.
Terrier Risk Partners’ comprehensive and holistic services are hard to find in the market.
Our collaboration allows organisations to access risk management, available in one package but delivered in a bespoke manner. Clients requiring these services would usually have to engage with each business type independently, but with Terrier Risk Partners they have access to everything. And, since our work is focused around IT security, our skill set has no geographical limitations.
The 2015 Information Security Breaches Survey carried out by the Department for Business, Skills and Innovation (BIS), mentions that, amongst small organisations:
- 74% have suffered a security breach, up from 60% in 2014;
- The average disruption costs are £75,000 to £311,000;
- The average length of disruption was 7 to 10 days;
- The average time spent responding to incidents was 13 to 24 days, costing between £3,000 and £10,000.
- Most data breaches occur at SME level.
Terrier Risk Partners’ offer an integrated solution to all your cyber security needs.
About The Prize
The Collaboration Prize is awarded by Co-operative Development Scotland (CDS) on behalf of Scottish Enterprise and Highlands and Island Enterprise in partnership with Business Gateway and the Scottish Chambers of Commerce.
This year attracted a record number of entrants, and each had to pitch an idea for a new collaborative enterprise. Six prizes were awarded in total, with each of the winning consortiums receiving funding to implement their collaborative idea, as well as business support funding and export advisor support.
"I didn't think we would make the first round. I think around 50 entries were received. The next round was a presentation by the 10 chosen entries to the Scottish Government agencies sponsoring the competition. The entries were very varied and we didn't know what they were looking for, so winning was a real surprise." – Chris Knight (The Insurance Knight)
Sarah Deas, director, Scottish Enterprise, commented on the Prize: “The response to this year’s Collaboration Prize has been fantastic and as a result we have six brilliant winning consortia, all of whom will be using the support and funding they won to structure their consortiums, develop their business ideas and access new markets.
“Through the Prize the aim is to inspire businesses to be innovative and consider collaboration as a means to achieve growth. By collaborating businesses can reduce costs, share risks and create new platforms for growth.”
This is certainly an exciting new venture for The Insurance Knight Consultancy and Terrier Risk Partners and I look forward to the new opportunities that this collaboration will bring. I would like to thank Co Operative Development Scotland for all their support and assistance through the process. I would recommend that if any businesses have a collaborative idea they should approach CDS for their support
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