Businesses of all types and sizes need Cyber Insurance

Businesses of all types and sizes need Cyber Insurance

January 22, 2021

Today all businesses are vulnerable to a cyber attack. No matter how large or small or what type of business, if you have computers and use email and/or the internet you have an exposure to a cyber crime. Any business that has client records, payment information, or critical information about their operation saved on computer systems should have cyber liability coverage.

Until recently, the insurance industry has lagged behind in providing products to help business owners protect against attacks on their data and computer systems, but recently Morris Insurance Services has contracted with several carriers to be able to offer a wide array of options to our commercial policyholders. 

Now any business can either add cyber liability coverage to their current policy by endorsement or purchase a stand alone policy to get even better coverage in the ever increasing event that an attack occurs. 

Cyber Liability Insurance can help businesses get back on their feet by:

  • Restoring and recreating data in your system                                                                                                            
  • Restoring systems to pre-attack levels                                                                              
  • Compensate for lost business and unforeseen expenses
  • Pay for Public relations services to communicate with outside parties concerning a computer attack, as well as your public response
  • Legal Expenses
  • Business Interruption Costs
  • Replace Lost Money 

What types of things are considered Cyber risks? :

  • Ransomware- caused by malware on your system that blocks or erases our data where the criminals require payment to give your data back
  • Social Engineering- employees are tricked into paying money into a fraudulent account
  • Rogue Employee- employee steels valuable records and attempts to sell them
  • Hacker- direct attack on your system where cyber criminals enter your system and attempt to steal data
  • Virus- a computer program that inserts its own code to steal or damage the computer programs on its victims computer
  • Employee Mistake- staff inadvertently shares or exposes data online and the recipient attempts to use it for their own gain 

5 Tips to protect and secure your business:

  • Install all software updates immediately
  • Have rules for password- make sure they are strong and changed periodically 
  • Train employees on what not to click on or download
  •  Back up your data
  • Purchase cyber liability insurance!

As with all aspects of running your business have a plan. Take steps to prevent a cyber attack and know what steps to take if you are a victim.

Call us at 410-857-4550 for more information and a personalized quote.