Cyber crime has, unfortunately, become even more rampant recently because of the pandemic, for reasons that will be explored here. No matter what the size or nature of your business, it is essential that you have cyber insurance. The sensible way to make this important purchase is under the guidance of a professional, well-vetted insurance advisor who will find you the most useful and cost-effective policy for your purpose. If your business is located in New Jersey, take a careful look at Blue Lion Insurance Advisors, LLC, a firm of well-known integrity you can trust.
The Far-Reaching Effects of Cyber Attacks
Cyber crime may negatively impact not only your company’s bottom line, but your client or customer base, your potential employees, your competitive edge, and your hard-won reputation. The pandemic has only worsened the risk. With so many employees working at home, away from a central office, the risk of data breaches and other attacks has increased exponentially.
How Cyber Criminals Are Leveraging the Pandemic for Their Own Purposes
While the rest of us are struggling to survive the pandemic with our health, loved ones and livelihoods intact, cyber criminals are constantly trying to turn this disaster to their own financial advantage. As almost a third of the population in this country is now working remotely, cyber thieves are constantly trying the following:
- Offering fake protection from other cyber villains while they themselves are stealing data.
- Pretending to be from the CDC or another health agency that appears to offer valid information about the coronavirus in order to persuade worried individuals to open a link that deploys malware.
- Taking advantage of corporate ties to foreign entities: branch offices, suppliers, or markets in countries in which the virus is widespread to exploit gaps in communication.
- Using ransomware to disable computer systems so they can cripple your business and charge a ransom for restored function.
- Presenting themselves as legitimate banks or other lenders in order to take private information during a time when the recession is making borrowing urgent for many businesses.
- Hacking into social media accounts to then claim defamation, libel, or copyright infringement.
Types of Data Being Sought by Cybercriminals
Though some hackers may be trying to corrupt your systems to destroy you as a competitor or simply for malicious “recreational” purposes (think of Zoombombing), many more are seeking to steal identities by raiding personnel files, payment plans, or healthcare data, or to steal directly from bank accounts. Personal information like Social Security numbers, birthdates, bank account information, credit card information, addresses and phone numbers are worth a great deal on the dark market and are often their priorities.
What Cyber Insurance Covers
Like all insurance, cyber insurance offers not only peace of mind when there is smooth sailing, but is invaluable should you be the victim of a cyber crime. For businesses, large and small, Cyber Insurance can cover:
- Costs of restoring information lost to a data breach, virus, or other cyberattack
- Legal claims resulting from that breach, such as claims for stolen Social Security numbers, credit card numbers, bank account numbers, and health records
- Legal costs of fighting claims that you or an employee has defamed another party or company on social media, leaked information, or infringed on a copyright
- Losses incurred if you lose third-party information (from a customer or client)
- Costs of penalties for failing to provide a timely notification notice of a data breach
Reasons Your Business Needs Cyber Insurance, Especially Now
- Data breaches are costly
- Cyber attacks are occurring more and more frequently
- Small businesses often do not have the resources to survive a cyber attack
- Though your cyber data has great value to you as a business asset, standard commercial property insurance does not cover it
Get Cyber Insurance Now with the Help of one of our Experienced Insurance Advisors
Google has recently reported more than 18 million predatory emails related to COVID-19. Since March of 2020, the U.S. Cybersecurity and Infrastructure Security Agency (CISA) has been issuing warnings about cyber attacks. Also, don’t forget the alarming but realistic possibility that your company may experience a cyber attack from within. It is clearly time to make certain that your company has the necessary cyber insurance to protect your business from assault. Don’t procrastinate when so much is at stake. Call Blue Lion Insurance Advisors, LLC today at 732-649-1600 to get started.