How Cyber Liability Insurance Can Keep You In Business
Almost every business has a cyber liability exposure. Most businesses are securing some form of coverage to protect their companies from these types of threats. A recent report by a leading insurance firm said that purchases of cyber insurance grew over 30% in the last year. It has become clear that even a good IT department cannot solve all the cyber risks your business has.
Cyber liability coverage (for data breaches) has evolved from just insurance for information technology companies, to coverage that nearly every kind of business should have -- if they do not already. Businesses including retailers, banks, contractors, distributors, restaurants, medical offices and more are unaware of the severe data breach exposure they face.
Here are a few of the latest methods used by cyber criminals
- Social Engineering. This email looks like it is coming from your boss or CFO to transfer funds into the company account.
- Direct Force. This is software that attaches to your computer, usually through emails, and then goes through hundreds of thousands of different words, combinations of words, and numbers to try to crack your password.
- Pushing. This is a common way to gain entry and pull information. Again, usually attached to an email, and once it is opened, the virus accesses your system.
We can provide your firm with the right combination of pricing and coverage. Cyber risk insurance is
available at very reasonable premiums. Many of our companies offer coverage to help protect your
business from loss.