Every business has insurance, whether it’s for their property or workers safety. But did it ever come across your mind what could be at risk when your company’s online records and information become vulnerable to cyber attackers? In this day and age, most if not all business is conducted online in one way or another. Therefore, it’s crucial that businesses understand the most common cyber threats in order to protect their business.

Cyber liability is critical for businesses who conduct a majority of their operations online! In addition to large corporations cyber criminals target the Mom and Pop companies too. One of the most common circumstances business owners find themselves in is looking for cyber coverage after their website or online operations begin to experience cyber security issues, and by that point it may be too late to prevent an attack.

Be on the lookout for the following types of attacks:

  1. Ransomware – This is when a cyber attacker holds your website and other digital information hostage. Cyber pirates can also lock access to a particular computer’s files and demand a fee or ransom to restore access for the business. The best way to prevent a ransomware security breach is to get in the habit of frequently backing up information onto a protected server.
  2.  Identity Theft – Perhaps one of the most common cyber crimes! Criminals can steal company information to create new accounts, take advantage of employee benefits and other crimes that will cost your company money. If a cyber attack like this were to occur it could damage trust you’ve built with clients and cause damage to your company’s reputation.
  3.  Theft of Sensitive Data & Intellectual Property – Sensitive data can range from anything to a person’s medical history to a clients personal account information. If sensitive client information is stolen it can grant cyber attackers access to personal bank accounts and financial information. Intellectual property is classified as copy written documents or company designs and services that are stolen and sold on the black market or to industry rivals.
  4.  Spam – Everyone receives spam in their emails. Cyber-attackers will often send mass spam emails in hopes to convince people to forfeit their financial or personal information. Such emails will ask for social security numbers, home addresses and date of birth. Once this information is obtained it can be used to access bank accounts or commit identity theft.

What coverage is available?

Cyber Liability Insurance Coverage (CLIC) covers a wide range of losses from data breaches to website malfunction. Small businesses can utilize (CLIC) as well, especially after incurring lawyer fees, loss of income or damage to company’s reputation.

Don’t wait! Call our office (631) 224-1000 regarding any questions or concerns about cyber liability and security. Protect your business and clients from cyber-attacks that pose a threat.

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