Cyber Insurance

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.

Computer Screen with Security Altert message
Cyber attacks such as Data Breaches and Hacks occur.  More than 80% of US companies report being hacked at one point.  These attacks can cause devastating damage.  Companies suffer business disruption, lost revenue and litigation.  It is important to realize that no organization is immune to cyber crime.

  Cyber attacks can come in a variety of formats and can be designed to accomplish anything from blocking access to files, infecting systems, to stealing information.

  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. As larger companies beef up their cyber security and cyber treat action plans more small businesses are finding themselves under attack. In fact 43% of cyber-attacks are thought to be against businesses with less than 250 employees, increased 424% since last year, demonstrating that being “too small” is not a defense against a cyber-attack and that small businesses may even be targeted due to their lack of priority when it comes to cyber security.  Ransomware attacks tend to be some of the most crippling form of cyber attack as they can immediately bring a company to a halt by restricting the access to important data or systems. Cybercriminals then hold the data/system hostage demanding a ransom to return access to the victim and/or to prevent the data being leaked – making these attacks more damaging and costly. Ransom payment demands are high, but so are the costs of a data breach which include reputational damages, regulatory fines, dilution of trade secrets, and class action lawsuits. Not to mention the cost of lost income or production while back up files and systems are being restored – a process that can take days or weeks to complete. However, even compliance with the ransom demands will not prevent the cybercriminal from sharing sensitive data or selling it for future extortion. Ransomware statistics worth knowing1 $377,000 is the average cost of a single ransomware attack The global cost of ransomware attacks has increased by 73.9% since 2019 and 150% since 2018. The average ransomware demand is $84,116 Business disruption is the main objective of 36% of cyberattacks 1 in 5 ransomware victims are small businesses What can you do about it? Cyber-attacks are a frightening reality, and 100% protection is impossible. However, there are ways to lower your chance of attack and mitigate damage. Train employees in cyber security principals. e. Identifying phishing scams Not plugging in unknown devices such as USB keys Make sure firewalls and routers are secure and kept up to date Conduct frequent data backups Download and install updates to software and operating systems as they become available Use multifactor authentication (MFA) Encrypt sensitive data Limit employee ability to install software Create and implement an effective incident response plan Regularly change passwords and have a strong password policy Each login password should be unique. It is also recommended that passwords be complex and between 15 and 20 characters long. Due to the complexity of memorizing multiple complex passwords, you may want to investigate using a password manager Keep critical networks separated and segmented and restrict access. Make sure you are covered by a cyber liability insurance policy! 1 - https://www.thesslstore.com/blog/ransomware-statistics/

Person on tablet with a lock digitally overlaid
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.

Login screen on a tablet
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.