Feel like you’re jumping into the middle? This is the third post in a four-part series. Check out the first post in this series on Cyber Security
Did you know that more than 43% of cyber attacks target small businesses, who often don’t have the security and technical expertise of larger organizations? That’s according to a report from the Global Cyber Alliance. Not surprising to us at Metis IT; we see these attacks are happening all around us.
Plus, from 2019 to 2020, Coalition, a cyber-security insurance company, reported a 67% increase in the frequency of business email compromise attacks in the first half of 2020, as well as 47% increase in the average ransom demand.
How can you protect yourself then from threats to your data and network? Cyber security insurance, like that offered by our insurance partner Brown & Brown, is a protection product developed to potentially protect businesses from the effects of cybercrimes via malware, ransomware, phishing attacks and other methods attackers use to compromise your network. It can also be referred to as cyber risk insurance.
Here are some of the most common claims seen by providers of cyber security insurance:
- Funds Transfer Fraud: Through social engineering and phishing, funds are relegated to the attacker rather than the proper recipient.
- Data Breaches: Personally Identifiable Information (PII) or Protected Health Information (PHI) of your customers is exposed, allowing for the possibility of identity theft.
- Business email compromise: Email spoofing or phishing attempts can lead to data breaches or funds transfer fraud/loss.
- Ransomware/malware attacks: Data is encrypted, or systems disabled to proper business personnel, until a ransom is paid; in some cases, data may be exposed if ransom demands are not met.
- Web application compromise: Targeted attack results in a direct compromise of a web-based product, like an ecommerce platform.
- Technology errors or omissions: Failure in technology or services causes an interruption of business or even loss on behalf of the customer.
Cyber security insurance can assist businesses of all sizes in various industries in the event of a cyber attack, offering aid or recovering losses resulting from the breach or encryption through malware and ransomware. The insurance may cover hardware or loss of business income during the attack.
One possible bonus of seeking out insurance coverage is the initial assessment of your current cyber security defense. You’ll get a good picture of what you can do to increase the likelihood of fending of the initial attacks and where additional vulnerabilities may lie. Plus, you’ll have an ally to help you battle and recover in the instance of a threat or successful attack.
“We strive to provide comprehensive risk management solutions that help protect the information and people our customers value most,” says Carder Dallas, Commercial Sales Executive with Brown & Brown. “We combine integrity, innovation, and experience to offer more than just policies, but real plans for protection.”
How to Get Cyber Security Insurance
- Find a broker. Just like car insurance or health insurance, you’ll want to find a reputable representative like our partners at Brown & Brown http://www.bbrown.com/ to provide you with options for your business.
- Ask for an assessment. While you might avoid the physical for life insurance, this is not something you want to skip. This is how you understand specific risk factors you may face.
- Once you have a good idea of what your options are and what you need, it’s time to customize your policy to meet your business’ needs.
- Don’t forget to try out any security tools, subject matter experts or educational opportunities the cyber security insurance company offers to stay up-to-date on the latest topics and tech.
Do you want to learn more about how to protect your company and employees from cybercriminals? Don’t miss our next post!
Sources: 2021 Coalition Cybersecurity Guide, CyberSecurityGuide.org/resources/cybersecurity-101
This post was co-authored with Brown & Brown