Regardless of industry and business size, fraud is a serious and costly concern that can wreak havoc within your organisation. Indeed, recent research from Experian UK found that the annual cost of fraud is on the rise, totalling £190 billion in the past 12 months. In the current era of rapidly evolving technology and increased risk of cyber-attacks, organisations are exposed to fraud now more than ever. Don’t let your business become the next victim of this expensive crime. Prepare for the worst and prevent financial loss with this guidance:

• Understand your business operations—Make sure you fully comprehend key aspects of your organisation, as this will help you detect potential vulnerabilities and issues sooner. This includes being familiar with staff members, knowing your customers and suppliers, fully understanding your financial practices and identifying routine operations that take place on the premises.
• Develop a strategy—After labelling top vulnerabilities within your business, develop a plan of action to mitigate or eliminate fraud risks. This could include improving on-site security (eg guards, limited access areas or security cameras) and protecting against cyber-crime (eg training staff, implementing proper policies, enforcing strong passwords and using encryption). Also, routinely update your strategy as risks and operations change.
• Know who to contact—In the event that fraud does occur, it’s vital to act fast and inform the right people. Be sure to call your bank so that they can begin investigating the issue, tell your broker to discuss your insurance solutions and report the issue to the appropriate authority—such as Action Fraud.

Do not expose yourself to risks by having a high-quality insurance policy in place for your business. Inspire Risk Management will be more than happy to help, please get in touch for a competitive quote on your business insurance.