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Law for Business

Knowhow - guidance - precedents

03 MAY 2013

Retail Market Update

Welcome to the first Lockton Market Update for 2013

Chris Lennon
Head of Office Bristol
+44 (0)117 906 5008
Chris Lennon

 Chris Lennon

2012 was an eventful year and already this year we have seen a number of dramatic events which have impacted not only on the insurance market but also on the economy as a whole.

From biblical weather, major "Hacking" incidents, Horsemeat in our hamburger and a number of significant high street failures.

The demise of some of our much loved major retailers has been attributed to a swing in buying preferences, from the High Street to Online. This increasing dependence on the internet for commerce, brings with it some unique operational challenges to businesses as well as increased risk exposures and their potential liabilities. In this update we address two of these key "Cyber" risks:

  • The internet also offers businesses an ability to communicate with clients and exploit marketing channels which can touch a far wider audience than previously available. A dramatic increase in the use of social media and using the web to "Self-Publish" brings with it risk. There have been some real and indeed high profile examples of how publishing in this manner can lead to allegations of loss and litigation. Helen Smith, Associate, and John Bennett, Partner, DWF Fishburns offer their thoughts on the risks faced by "Publishing".

  • Ben Beeson, Partner and leader of Lockton's Global Technology & Privacy Practice, offers his thoughts on the risk posed by "Cyber Pickpockets" (in his article 21st Century Fagan) and provides advice as to how businesses and individuals can mitigate their exposure to loss.

Whilst Cyber liability poses a real and new threat to businesses it is also important to track those threats to businesses that continue to exist. Kate Archer, Partner at Mills and Reeve, highlights a real issue for businesses who operate fleets of vehicles or who allow employees to drive as part of the business activities.

I hope that this update is informative and useful, should you have any queries please do not hesitate to contact us for advice. 

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