Richard Brain Advises

Richard Brain - Real intelligence

Richard Brain, technical director of information technology specialist ProCheckUp, tells PB about his company's insurance requirements and the challenges it faces in the current economic market

Tell us about your company.

London-based ProCheckUp was formed in 2000 to provide an artificial intelligence-based penetration testing service to the corporate market. Penetration testing is a method of evaluating the security of a computer system or network by simulating an attack from a malicious source and includes detailed evaluation of potential vulnerabilities that may arise from poor IT security.

Since launching, the company has enjoyed significant commercial and technological success and received royal recognition in April 2004 by winning the Queen's Award for Enterprise.

ProCheckUp is a service provider to some of the world's leading finance and banking organisations, international law firms and FTSE 100 companies.

What insurances do you place and with which firms do you place them?

Currently, we have employer's, public and product liability cover, material damage, business interruption, directors' and officers' liability, employee dishonesty, legal expenses, crime and professional indemnity policies, all of which are organised through our broker Aston Scott, which is based in Kent.

Describe your relationship with your broker.

Cost, location and expertise in the technology arena were all important aspects when we considered which broker to choose; we prefer to negotiate and communicate with a specialist insurer with an understanding of the business model and risks. I have found that Aston Scott is able to understand the problems encountered in penetration testing and therefore it can find ProCheckUp the most cost-effective insurance quotes.

What challenges do you face in the current economic climate?

ProCheckUp faces three challenges. First, ensuring that all costs are within control and justifiable to ensure the company's profitability. Second, ensuring that staff work efficiently and that they are backed up with the latest IT systems to achieve increased staff productivity through remote working. Third, increasing the size and the product offerings of ProCheckUp to ensure that the company is able to remain competitive and profitable while the company's cost base is expected to continue to rise due to increased taxes and other economic variables.

Does this mean you are cutting back on your insurance costs at all?

We are not cutting back on our insurance at all at present. If anything, we are increasing our insurance spend because ProCheckUp clients are demanding higher liabilities for all areas of insurance, which increases the amount the company pays. The broker was queried on the reason for the rise in costs and answered the question satisfactorily.

What would you like to see improve in the insurance sector in order to help your business?

I would like to see more people in insurance invest time in online communications so the processes in understanding the risks of penetration-testing companies can be understood and resolved in a more timely manner.

The following article appears on Professional Broking. You can click here to read it in its original source.