Is your business adequately protected with cyber liability insurance?

Business owners often tell me they don’t need cyber liability insurance because they don’t store credit card information.

The truth is virtually every business of every size, big or small, faces cyber risks. A recent survey found over half of the businesses in the United States had a cyber attack in the past year.

Financial information, trade secrets, employee and customer records and other data owned by you and others all are at risk from a cyber attack.

Cyber Liability protects against cyber threats

Losses can be caused, among other ways, by:

  • An unauthorized person gaining access to your computer system.
  • A malware (virus) attack against your system.
  • A denial of service attack, which can prevent your customers from reaching you.
  • A breach of third-party business information in your possession.

With so many employees working from home due to COVID-19, it’s important to remind employees to be vigilant against cyber attacks. Many home computers don’t have the level of protection that work computers typically have.

Some tips to keep in mind:

  • Be extra careful not to click on phishing email links. Check who an email is coming from before clicking on any links.
  • Install and regularly update anti-virus software.
  • Use a firewall for your internet connection.
  • Control physical access to your computers. Don’t leave laptops unattended if they’re accessible by others. If you’re working from home, lock your doors when you’re not at home.
  • Secure your WIFI network.
  • Regularly change your passwords.
  • Maintain close control over USB memory drives. They can be easily lost or misplaced, potentially exposing any information they contain to others. And be leery of any USB drives you find. Hackers have been known to “lose” drives containing malware in parking lots and other public areas. These drives can then infect the computer of the finder as soon as the finder inserts it into their computer.

In short, the cyber world is full of threats – and cyber liability is a rapidly growing category of business insurance claims.

Are you adequately protected? Give me a call at 303-452-662 if you want to talk about your exposure and your options for protecting yourself and your business.