Cyber Insurance

Some businesses do not have enough resources to implement a robust security infrastructure to protect sensitive information and data. But even then, technology is constantly evolving and cyber criminals fine-tune their attack methods. If your business maintains a database of sensitive information, there is opportunity for cyber breaches resulting in privacy lawsuits, fines and penalties, and notification costs. Even if your business does not manage sensitive information, operations could still be disrupted from ransomware, malware and phishing attacks.

Everyone – your clients, employees, volunteers, etc. If you have a website or social media presence, you are a potential target.

Yes. Your cyber insurance policy protects you in the event of malware and phishing attacks, as well as other network breaches even when caused by an employee.

Cyber attacks hit businesses every day. While the number of security events has increased in both number and complexity, here are a few of the most common types of cyber attacks.

• Malware: Intrusive and harmful software that can infect networks and devices, and is designed to harm those devices, networks, and users. These programs can monitor user actions and keystrokes, and steal, encrypt or delete confidential data.
• Ransomware: A type of malware that encrypts a victim’s files and prevents them from accessing them until a ransom has been paid. One of the most common delivery systems is phishing spam or visiting a compromised website.
• Phishing: These attacks are often disguised as a legitimate organization (or person) via email, text message, advertisement or other means to steal sensitive information. They can also be deployed as malicious software onto the victim’s computer or network infrastructure.
• Denial of service (DOS) attack: The hacker overwhelms a system’s resources until it is unable to respond to legitimate service requests. The victim is unable to provide service to those who want access.
• Spoofing: A cyber criminal impersonates another user or device to attack the network host(s), steal information, spread malware or bypass access controls.
• Brute force: The attacker attempts to use basic information about the user to decode encrypted data by trying as many password combinations as possible.

Traditionally, cyber is not covered under common insurance policies (ie. CGL or property insurance policies). Cyber exposures are unique and complicated and best dealt with an insurance policy that addresses those exposures.

Should your business be victim to a cyber attack, coverage includes loss due to the breach of sensitive information, notification costs, litigation costs, fines, and penalties.