Cyber Insurance. You’ve heard about it, wondered whether you need it or not, don’t know exactly what it covers, or why you should have it. You’re not alone. A lot of business owners find themselves with these same questions, so on this page we’re going to answer a lot of those questions and give you the information you need. If you have a question on cyber, or need guidance on purchasing cyber insurance, give us a call. We’re more than happy to explain these issues with you so you can make a more informed buying decision.
Top 5 Reasons To Purchase Cyber Insurance
1. Ransomware attacks – Ransomware attacks continue to rise and infiltrate small and medium-sized businesses without abandon. Why? They are easy to execute and easy for hackers to make a lot of money.
2. We all rely on computers and networks to operate our companies today. Without access to our systems, most firms cannot service customers, produce products, or create revenue.
3. Often, it’s a requirement from your vendors – contractual requirements regarding data security and cyber insurance are only getting more stringent and prevalent.
4. The potential for legal liability – The potential for legal liability, meaning lawsuits against you for failing to secure private data, is growing, as is the volume of data you store and manage.
5. Cyber-related risks – Cyber-related risks are not covered elsewhere in your business insurance policies.
What Types Of Businesses Need Cyber Insurance?
If your business operates on computers and is connected to the internet, you need cyber insurance. This is going to include:
1. MANUFACTURERS – Not only do office computers pose a risk, but so does your process machinery often connected to your network.
2. WHOLESALE DISTRIBUTORS – Inventory control, sales records, customer informaon, the frequency with which you deploy wire transfers are all cyber risks.
3. RETAILERS – Credit card info, point of sale terminals, customer info and more all add us up to significant cyber risks.
4. TECHNOLOGY – In addition to common threats like ransomware, malware, social engineering there’s also the threat that the code, the work, the product under development is destroyed or stolen, destroying a tech firm’s value
5. FINANCIAL SERVICE FIRMS – Hedge funds, Private Equity firms, VCs, RIAs all hold vast amounts of private data. If breached, these high value clients’ personal data is in the hands of hackers posing a serious threat to relationships and a firm’s future.
6. GARAGE AND AUTOMOTIVE ACCOUNTS – In addition to traditional end points such as office computers that can disrupt business operations a new cyber vulnerability are your customer’s vehicles. When connecting diagnostic equipment to a customer vehicle there is the potential for malware and other infections to be deposited into the vehicle that could render it dangerous and lead to potential liability.
7. NON – PROFITS – May not have the most robust security due to costs, so they often become an easy target for ransomware and malware infections. This can lead to thefts from online donation portals, as well as reputational damages putting a non-profit in a poor light.
8. HEALTHCARE – Like so many industries, healthcare providers are subject to all forms of cyber risk – ransomware, data breaches, malware, etc. The difference is that from a healthcare/hospital system down to a small doctors office there typically is a tremendous volume of PHI or Personal Health Information at risk, which can lead to expensive class action lawsuits ina breach
Ransomware – What Is It? How Does Cyber Insurance Respond
What is ransomware? What and how does ransomware impact your network? Is ransomware covered by cyber insurance? In this video we answer these questions and more on ransomware, which continues to be the biggest threat to small and medium sized firms. Look, your data is probably priceless, so protecting it against threats like ransomware make sense.
What Does Cyber Insurance Cover?
Cyber insurance is not a standardized form of insurance. There are about 30 insurers wring this unique form of coverage and each of their policy forms are nuanced from each other, so to describe what is covered on a cyber policy, I’m going to give you an overview of what is commonly found in most good cyber policies
How To Create A Cyber Incident Response Plan
Creating a Cyber Incident Response plan is not only important for your company but often is a requirement for obtaining cyber insurance. This guide reviews most of the elements you need in your plan.
What Does Cyber Insurance Cost And How Do You Get It?
What does cyber insurance cost? How is cyber insurance rated? In this video I’ll describe some of the underwriting factors that determine the premiums you’ll pay and give you an idea of the state of the cyber marketplace. A big determinant of the price hinges on your firm’s level of cyber security. Want to find out what cyber would cost your company? Give me a call or click the Let’s Chat button below to connect.
Top 10 Ways To Prevent Cyber Attacks:
- Train employees in cyber security principles and risks.
- Install, use, and regularly update antivirus and antispyware software on every computer
- Use a firewall on your internet connection and update firmware as required.
- Update and patch all operating system software and applications as they become available.
- Maintain, test, and back up on a regular basis with one copy regularly rotated in an air-gapped manner
- Control physical access to your computers and servers.
- Secure Wi-Fi networks
- Require employees to use a password vault or managers and never maintain a document on their computer with passwords in it, or worse, named: Passwords!
- Limit employee access to data and network settings on a need to have basis.
- Also limit employee ability to download and install software from external sources.
Why Get Cyber Insurance From The Coyle Group?
As experts in cyber insurance, we have broad access to the cyber insurance marketplace to find you the right policy and price to fit your needs. While you could buy a policy online with just a few clicks with some of our competitors how do you know what you’re getting? How do you know it’s the right coverage, or price? If you need help or have a question, are you okay calling into a big call center? Or would you prefer to speak with an expert and have a relationship with your own account manager anytime you call? To us, relationships and getting it right are important, if they’re important to you, we’d welcome the opportunity to chat with you!
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