Cyber Insurance Resources

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 essential component to any risk management program.

This helpful scorecard can help you determine how your business is exposed to cyber threats.

As larger companies take steps to secure their systems, smaller, less secure businesses are becoming increasingly attractive targets for cyber criminals.

This planning guide is designed to help employers protect their business, information and customers from cyber threats.

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 response to increased attacks, higher ransoms, and the number of ransoms being paid, insurance companies are more closely evaluating the risk of each business when determining coverage limits and pricing.  Resulting in the application and underwriting process being longer and more detailed.

In today's technology-driven business world, the risk of a data breach is higher than ever before. Business owners must take proactive measures to reduce the risk of data breaches and protect their businesses from costly legal actions, lost customers, and damaged reputations.

Here are 5 tips to help you reduce your company’s risk of data breach:

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.

However, creating this program often seems overwhelming, especially if you don’t consider yourself to be a “tech savvy” individual. By breaking down the process into 3 steps you will find that tackling this task is not as daunting as it seems.

Cyber attacks continue to pose a real threat to businesses and insurance is evolving to offer solutions.

Here are 5 ways insurance is evolving:

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. 

These email and other text-based threats aim to get you to click a link that downloads malware or otherwise provide sensitive information, such as passwords and bank information. Cybercriminals want to infect your system with the aim of destroying computer system/data, disrupting usage, gaining access to private information, or holding your system/data ransom.

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.