Do you need Cyber Liability Insurance?
This type of insurance comes in handy if your business...
- Collects payment information online
- Uses technology for daily operations
- Maintains a database of personal information on current, past or prospective customers
- Stores employee information digitally, including social security numbers or medical information
- Is located in one a state with mandatory data breach notification laws
Cyber Liability insurance is designed to cover liability and property losses that may result from a business engaging in numerous electronic activities, such as e-commerce or data-collection within its internal electronic network. Cyber and Privacy policies cover a business’ liability for a data breach in which a company’s client base and their personal information, such as social security or credit card numbers, are exposed or stolen.
Cyber Liability insurance covers a variety of expenses associated with data breaches, including, but not limited to, notification costs, credit monitoring, cost’s for defending claims by state regulators, fines and penalties, and losses resulting from identity theft. In addition, the policies cover liability arising from website media content, as well as, property exposure from business interruption, data loss/destruction, computer fraud, funds transfer loss and cyber extortion. Some elements of Cyber Liability insurance may interconnect and/or overlap with existing products from other policies, however, any prudent Cyber Liability policy will ensure cyber risks are fully catered to and addressed upon terms of agreement.
Social Engineering Attacks! – Are You Covered?
Why this is important to all businesses? – Everyone is using emails to communicate!
Since November of 2017, the FBI has noted over a 2,000% increase in Social Engineering crimes.
Being covered against cyber attacks in 2018 is a necessity for many businesses. In insuring against cyber threats, it’s important to know the difference between cyber crime (hack) and social engineering attacks.
Fund Transfer Fraud or Social Engineering – What is the difference?
- Fund Transfer Fraud in general, this is where a malicious system attack or "hack" allows an attacker to use a target's banking information to transfer funds. A hacker breaches your system, steals your user name and password, and transfers funds away from your bank. By the time you figure it out the funds are long gone.
- Social Engineering is often where someone is targeted by a "phishing" scheme and voluntarily gives awayfunds to a perceived third party. This type of activity is not covered by a Fund Transfer Fraud.
Coverage for Fund Transfer Fraud and Social Engineering can be obtained on both Crime and Cyber policies depending on your carrier and class of business. This coverage is normally on a limited basis and excluded from most policies, unless endorsed and added on.
For more information on this coverage, please contact our office at 209-576-2808 or complete the form below: