Do you know all of the cyber exposures your business faces?
- Organizations, both large and small, need to be proactive in order to protect against growing cyber threats. Regardless of how you conduct your business, are you doing the due diligence necessary to prepare for your organization’s unique cyber exposures.
Do your employees have all the training they need?
- Properly training your employees is one of the easiest ways to prevent a cyber breach from affecting your business. However, because cyber security is a complex topic, thoroughly training all of your employees is not always easy. contact one of our Insurance Advisors to learn how we can provide training and resources.
Cyber liability insurance is a type of insurance that protects businesses from legal liability for data breaches and cyber attacks. These types of incidents can result in significant financial losses for businesses, as well as damage to their reputation and customer trust.
In less than 9 years, ransomware attacks are predicted to attack and encrypt businesses or devices every 2 seconds. In 2021, the average ransom payment was $812,000 and 46% of businesses who had their data encrypted paid the ransom according to CybersecurityDIVE. For technology-based industries this number is even higher with 83% of companies paying the ransom.
In recent years, cyber attacks have emerged as one of the most significant threats facing organizations of all sizes. The Internet and other networkoperations have created risks that were unheard of less than a decade ago. When cyber attacks (such as data breaches and hacks) occur, they can result in devastating damage, such as business disruptions, revenue loss, legal fees, and forensic analysis and customer or employee notifications.It is important to remember that no organization is immune to the impact of cyber crime. As a result, cyber liability insurance has become an essentialcomponent to any risk management program.
In today’s technology driven world, it is almost guaranteed that your business stores data and information digitally. This could be customer and client information, payment information, personal files, bank account details, etc. As such, you need to have a cyber risk management program that addresses prevention, response management, and insurance coverage in the event of a data breach.
As the world becomes increasingly digital, businesses face a growing threat from cybercrime. Small businesses, in particular, are at risk because they may not have the same level of cybersecurity resources as larger organizations. At Concklin Insurance Agency, we believe that it's important for small businesses to be aware of the most common types of cybercrime they may face and to take steps to protect themselves.
1 in 323 emails sent to businesses are malicious. And that’s a conservative estimate. Why? Because it works. Email is the most effective way for cybercriminals to gain access to your computer systems. Texts, social media posts and messages, and online advertisers are also a rising threat.
Ransomware Cyber Attacks continue to plague businesses large and small to such a degree that it has prompted an open letter from the White house. Yet a recent survey of small business owners shows that only half of surveyed businesses feel prepared to respond in a timely manner to limit the impact of a cyber security incident and just 58% have a response plan that is ready for immediate action.
Business Email Compromise (BEC), also known as CEO Fraud, is a highly targeted form of a phishing where the scammer impersonates a high-level executive, such as a CEO or CFO. Generally, this scam involves hijacking emails, faking social media accounts, spoofing websites, and other tactics to convince people of their fake identities. More advanced tactics can also include the use of deepfake video and voice calls.
Cyber attacks continue to pose a real threat to businesses and insurance is evolving to offer solutions.
High-profile cyber attacks on companies such as Target and Sears have raised awareness of the growing threat of cyber crime. Recent surveys conducted by the Small Business Authority, Symantec, Kaspersky Lab and the National Cybersecurity Alliance suggest that many small business owners are still operating under a false sense of cyber security.
The ability to handle business transactions via the internet has opened countless doors for owners of small to medium-sized businesses — even those who don’t have a single door for customers to walk through! Yesterday’s brick-and-mortar stores are today’s digital marketplaces, and consumer demand for online commerce is only bolstering the shift.
It’s impossible to turn on the news these days and not hear something about hackers accessing secure email servers, performing large-scale credit card hacks resulting in data breaches, and much more. Owners of businesses large and small have been cyberattack and breach victims, paving way for the new cyber liability insurance sector.
