Red Apple Insurance to expand with funding
A Cardiff-based commercial insurance broker, one of the few companies benefitting from a rise in cyber crime, is expanding its operations and creating 19 jobs with £160,000 of support from the Welsh Government‘s Economic Growth Fund.
Red Apple Insurance is targeting a larger premises in the Bridgend and Rhondda Cynon Taf areas.
The company operates in a niche market providing bespoke insurance packages for organisations that have an affinity with commercial businesses.
It has recently devised a commercial insurance product incorporating cyber security and data loss, which exclusively available to members of Optometry Wales, one of Red Apple’s affinity partners, which represents all community optometrists, opticians and dispensing opticians across Wales.
Cyber crime has been identified as an emerging risk for Optometrists who manage patient records containing sensitive information and Red Apple’s insurance package offers practice cover, public liability and incorporates an electronic element of cyber insurance.
Managing director and founder Simon Thomas said that proving insurance services to these groups, coupled with the increase in cyber crime, is driving the company's expansion ahead of plans to extend its services to other groups "such as franchise holders and chains of shops".
"The scenario of networks going down and access being denied is increasing and companies cannot survive without their networks. Many people believe they have back up and are safe – but their back up systems may also have been infected," added Thomas.
"Support from the Welsh government gave us the confidence to expand and develop our niche market offering without over stretching. It gave us the impetus to do this now and we have already created seven new jobs and anticipate taking on more before Christmas."