Protecting You From Internet-Based Risks
Cyber liability insurance is a specialty insurance product designed to protect businesses from internet-based risks. When it comes to risks in cyberspace, there is no shortage of issues that you should protect yourself from. Information technology infrastructure, information privacy, information governance, and other aspects of your personal life or business can all be at risk.
Cyber liability insurance is designed to protect your information technology from data destruction, extortion, theft, hacking, and other types of cyberattacks. While there are a number of risks in cyberspace, most general liability insurance policies do not apply to cyber liability — meaning that it is in your best interest to get a cyber liability policy if you have information or digital infrastructure that could be threatened. At Powell Insurance Group, we offer cyber liability policies for businesses that frequent cyberspace and have information worth protecting. Request a free policy quote today!
Cyber insurance is a crucial policy for any business that has valuable data and a digital infrastructure that could be targeted or corrupted by hackers or malware. Whether you are trying to protect your own data or protect yourself from becoming liable if your customer data is breached, cyber insurance is a beneficial tool in protecting all of the data you are responsible for.
When it comes to cybersecurity, there are a number of risks that you may be vulnerable to. That said, there are five cybercrimes that your business is most vulnerable to. Below, we will discuss each of these cybercrimes and how cyber insurance can protect your business.
Phishing is one of the most common risks in cyberspace. Phishing is best described as a cybercriminal using email, text messages, or malicious websites to solicit private information from a business. Phishing attempts pose as trustworthy individuals or organizations — making businesses feel comfortable sharing information.
Phishing attempts are almost always tailored to look like, or appear to be, a source that you trust. Emails, text messages, and online forms are designed to appear completely legitimate and are created with the intent to capture information, steal credentials, install malware, and more. Because of this, it is important to make sure that the source of the emails, texts, or online forms are from a trusted source. That said, sometimes mistakes are made and valuable information is stolen or destroyed. By having cyber insurance, your business can protect itself from liability of the lost information.
Malware — or malicious software — is one of the most common cyber attacks that businesses are exposed to. Malware can manifest itself into multiple formats and can include anything from trojan viruses to worms, spyware, and more. Phishing attacks and credential breaches are often associated with malware and can be extremely damaging.
Because malware attacks can lead to larger breaches of information, it is important to thoroughly vet all of your sources before providing them information — as a breach of information can lead to the installation and execution of malware. While most malware attacks can be prevented by being diligent with your email, avoiding suspicious websites, and installing antivirus software, many businesses are affected by malware each year. By having cyber insurance, you can protect your business should any malware attacks breach your infrastructure.
Credential breaches are among the most common cybercrimes. Malware, phishing attacks, credential stuffing, and other cybercrimes can lead to credential breaches — in turn leading to data breaches. Some of the most common targets of online credential breaches are bank information, account credentials, and other credentials that can provide cybercriminals entrance to system infrastructures that hold data that they want access to.
Limiting who knows your account credentials, forming strong, unique passwords, and not sharing information when requested by an untrusted source, you can reduce the likelihood that you or your business will have credentials breached. While you can take actionable steps towards preventing a breach, it is important to have insurance coverage that protects you should the wrong person get their hands on your credentials.
Cybercriminals seek credit and debit card information in a number of ways. This can include malware attacks, phishing scams, and fraudulent online shopping sites. Some criminals may be targeting your business accounts, but the common goal of cybercriminals is to access customer credit card and debit card information by breaching a business’s system.
If a business is breached and customer information is compromised, the business might become liable for the losses caused by fraudulent actions. Because of this, it is extremely important for a business to have cyber liability insurance. Having a cyber insurance policy will protect your business should it ever be breached.
Ransomware is a type of malware that threatens to publish the victim’s data or block access to information and data until the ransom is paid. Oftentimes, businesses are targeted due to their reliance on data and digital infrastructure as well as their financial obligation to protect the data.
The presence of ransomware has grown considerably internationally, and it is important that your business is protected in the case that a ransomware attack is made. Cyber liability insurance is the perfect tool to protect you in this situation.
At Powell Insurance Group, we are dedicated to helping our clients protect their best interests. When it comes to data and digital infrastructure, there is no better way to protect your business than to have a cyber insurance policy. Cyber insurance is typically excluded from traditional commercial liability insurance — meaning that even if you have general liability insurance for your business, you may not be protected if your digital infrastructure is breached and information is stolen, lost, or destroyed.
If your business needs protection from the fallout of cyberthreats, we urge you to contact us today to speak with a member of our team. We would love to discuss how cyber liability insurance can benefit your business.