Tag Archive for: insurance

5 Things You Need to Know About Cyber Insurance | Ask The Experts

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Data is one of the most important resources that businesses have at their disposal. If the network gets hacked without cyber insurance companies getting involved to protect your assets, it can be a costly issue to fix. While having traditional property and professional liability insurance is always good, here are five reasons why having cybersecurity coverage is essential for business in today’s internet-connected world. 

#1. Cyber Insurance Gets Business Back On Track

Getting hit by a cyber attack can be a devastating blow to your business. Lost files and stolen data may cripple operations while the theft of personal information leaves your customers at risk. Just like any other insurance program, cyber coverage limits the liability companies face when hackers do their worst. Businesses that don’t have such coverage may find themselves paying out-of-pocket as they scramble to return to business as usual.

 

While many IT departments feel they don’t need help from cyber insurance companies, their overconfidence can leave your business vulnerable if something were to occur. On the contrary, relying on cyber insurance instead of securing your network with proper safety protocols may help you financially, but shifting the responsibility to the insurer doesn’t cover a business’s own cybersecurity needs.

#2. Cyber Insurance Companies Have Comprehensive Coverage

Before deciding if cyber insurance is a good strategy for your business, it’s important to understand the types of damage these plans typically cover. The financial strains on a business that has been attacked in such a manner can be quite costly. Some of the most common coverages include:

 

 

Companies don’t often think about the associated repercussions of data leaks. There are high costs associated with repairing the damage done to your business as well as your customers and having a good policy can keep all of your interests protected.

#3. …But It Doesn’t Cover Everything

There are a few things that most cyber insurance companies don’t generally include on their policies. For example, your business’s brand and reputation may have suffered from the event, a situation that…

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Cybersafe Solutions Review: Best Cyber ​​Insurance Consultants | Ask The Experts

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As cybercrime continues to grow, online businesses must be protected against data breaches, cyber-attacks, and other incidents. 

 

Whether your project is large or small, it can be at risk as it gets bigger. Regardless of the products or services you offer, there’s someone out there who might try to steal your information or money. 

 

However, it doesn’t mean you should let that happen. There is a way to avoid cyber risks and protect your business: hiring the best cyber insurance consultant! 

 

If you’re not familiar with the term, don’t worry! This article covers everything you need to know about it, what it covers, and how it can help you. 

 

Free Cyber Insurance Consultation With CyberSafe Solutions – Exclusive Offer

What Is Cyber ​​Insurance?

 

The term “cyber insurance” describes a paid plan that protects small and large companies from cyber-attacks. Having a data breach can cost you a lot of money! Moreover, there’s priceless internal information that you don’t want leaking. 

 

A cyber insurance coverage policy protects you against these and other attacks, including ransomware, malware, and hacking. 

 

Most companies rely on technology and the internet to operate, but a cyber-attack can shut them down forever; for that reason, hiring a cyber insurance provider is essential. You can find the best cyber insurance companies here or continue reading for a free consultation with our favorite Cyber Security Consultants. 

 

How Can Cyber ​​Insurance Help Me?

 

 

Being targeted by cyber attackers is dangerous and puts your company at risk. If there’s a data breach, you can lose much more than just important information. 

 

In addition to losing key data from your company, you can lose money and all your income sources! 

 

However, cyber liability insurance can help you deal with cyber-attacks consequences if you have already experienced one. Hoping to make such incidents less dangerous and devastating to your business, it provides first- and third-party coverage for financial damages. 

 

In other words, when you’re protected by cyber insurance, you don’t have to worry about losing a huge amount of money if your electronic data gets…

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Ransomware May Grab the Headlines, But You Shouldn’t Ignore the Cyber Threat of FTF : Risk & Insurance

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Funds transfer fraud may not make headlines like ransomware, but it can be just as devastating for small businesses if they are not prepared.

When we think about cyber-related risk, the term “ransomware” isn’t far behind. Ransomware is indeed an extremely detrimental risk for companies, sometimes even going so far as to bankrupt and shutter doors; but, it’s not the only cyber risk businesses should be watching.

Business email compromise (BEC) has proven to be an expanding avenue for funds transfer fraud, or FTF, which is a low-tech attack that disproportionately targets small businesses.

As Catherine Lyle, head of claims at Coalition, explained, threat actors (TAs) often perpetuate FTF using social engineering techniques like phishing. They intend to gain access to a business’ email system to cause a business email compromise. Once a TA has access to a corporate mailbox, the TA often manipulates a user’s contacts and inbox, looking for payment instructions.

This kind of attack usually happens without triggering any security alerts.

“The TA, using rule changes or other hidden techniques, then launches a game of ‘monkey in the middle,’ pretending to be the email sender and hiding real emails requesting payment or changes in wiring instructions from the waiting victim” Lyle said.

Because the email appears to come from a trusted source, the victim doesn’t question its authenticity and complies with the request. Even if the victim responds to ask if the payment request is legitimate, the TA will reply as their assumed host.

FTF is often the primary means of attack, and, as a result, it’s a very common tactic for targeting small businesses.

With fewer options to pivot inside a network and less infrastructure and data to hold hostage in a ransomware attack, smaller organizations become easier targets for TAs. In fact, funds transfer fraud is becoming more common, skyrocketing in the first half of 2021.

Small Business’ Risk

According to Coalition’s 2022 Cyber Claims Report, the initial FTF loss, defined as the loss before Coalition recovered funds, surged to an

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Ransomware looms large over the cyber insurance industry

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A Panaseer survey of global insurers across the UK and US found that 82% are expecting the rise in premiums to continue, with 74% of insurers agreeing that their inability to accurately understand a customer’s security posture is impacting price increases.

This Help Net Security video highlights how the increasing cost of ransomware affects global insurers.

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