5 Top Cyber Threats that Cyber Insurance Will Protect You From
Only about one quarter of small businesses have Cyber Insurance. But for small businesses that rely on technology to do business, it is a vital component of their business security plan. In this day and age of fast paced changing technology, it has become even more important to protect your small business from cyber threats.
These 5 top threats include: ransomware; phishing; data leakage; hacking; and insider threats.
Ransomware is malware that is downloaded to the victim’s computer through an email that often looks like it is from a trusted source. Once the victim opens the email, or clicks on a link in it, the perpetrator gains access to their computer. Then they proceed to encrypt some or all of the victim’s files. Once this occurs, they send a ransom request to the victim demanding payment in Bitcoin currency be sent to a specific location. They refuse to provide the victim with the encryption key until they have paid the ransom.
A third of all security breaches in the last year have involved “Phishing”. Phishing is the action of sending an email that convinces the receiver that it is from a trusted source and convince the victim to click on a link within the email in order for the perpetrator to access personal and financial information about the victim.
Data breaches or data leakage is the act of information being transmitted from inside a business to outside a business. This is often done through the web or email. However, it can also involve the use of mobile devices, USB keys and laptops.
As for hacking, it is the action of gaining access to data through a data system or computer without authorization. This is done by cracking the code or passwords that give the perpetrator access to the victim’s data.
An insider threat is in the virtual world, is the same as employee dishonesty in the physical world. They are threats that occur to your business as a result of a trusted staff person abusing their access to information in order to steal it for personal gain. None of us want to think that a trusted employee would do that to our business, but in all honesty, you simply can’t say for certain that it will never happen should an employee become disgruntled or be terminated.
Cyber insurance protects you against all of these threats to your technology and information systems. It is advised that you do a cyber threat assessment of your business to identify what your losses may be should your cyber security systems be breached in any of these methods.
Cyber insurance can cost you anywhere from $750 to $8000 per year, depending on how technology dependent your business is. However, it provides a safety net to all businesses in the event hackers turn their focus on your business in the future. Some liability insurances already include a small rider for cyber security. But it is a good idea for you to review your insurance policy to see how much coverage you have for cyber security. If you feel it is insufficient, then a simple phone call or email to your insurance provider can allow you to increase your coverage and provide greater protection for your business’ information systems.
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