Have you ever heard of commercial cybersecurity insurance? This kind of business insurance is vital for all influencers. Most of today’s systems are automated or downloaded from the Internet. Many influencers are now using the cloud or other IT services to store their passwords and other important business tools and information.
This means that influencers are now putting their lives online and becoming more vulnerable to identity theft, hackers who steal their information and passwords, hacking their Instagram accounts for blackmail and so on.
There are more and more cases of data breaches and other cybercrimes. As our technology advances and our lives are more and more online, so do people (hackers) with bad intentions or criminals. People can use technology for good as well as for evil. Fortunately, insurance companies have found a way to financially cover us against losses due to cybercrime attacks.
Is cyber insurance included in business insurance policies?
Commercial insurance covers your entire business, for example, bodily injury and property damage to your area of commercial activities. It consists of covers for many smaller shopping areas. For example, bobtail insurance.
Cyber insurance is also one of those types of smaller commercial operating areas. It covers data breach involving personally identifiable information such as a customer’s account number, credit card, social security number, medical records, and driver’s license number. You just need to make sure that your commercial insurance policy covers what is important for you to cover with your liability insurance.
Most people don’t care about identity theft just because it hasn’t happened to them yet. Let me just tell you that many people have lost so much to identity theft – things like bank accounts, credit cards, property, etc. Cybercriminals can use your personal information and impersonate you in order to steal these things.
Prevention is one thing and safety is another. Research shows that when you enter your information online, there is always a risk that someone will steal it. Even small businesses can be affected by cyber attacks. And the reputation of your business can be jeopardized.
How does cyber insurance help you solve these kinds of problems?
- Notify your customers. If someone has violated your systems, Cyber Insurance could help you explain and rectify your customers’ situation.
- Restoration of personal information.
- Recover compromised data. Insurance will do their best to recover lost company data.
- Repair damage to the computer system. Cyber attacks don’t just mean data theft. Criminals can destroy your systems as well.
Since the COVID-19 pandemic, most people have lost their businesses and some have migrated to selling online. Cyber threats continue to increase every year. Now that most business systems are online, the possibility of data breaches increases.
It is not easy because a cyber threat can destroy your company’s reputation. People will think that your business doesn’t care if a cyber attack occurs within your business. Cyber insurance will surely help increase the security of your business.
Examples of cyber threats
Dridex Malware Attack. It is a computer virus that can steal your password, banking information, etc., and be used for suspicious or fraudulent activities. This type of cyber threat has been affecting people since 2014. It infects your systems with phishing email and other malware.
Romantic cyber threats. It is a fraudulent activity that uses dating sites to take advantage of people looking for partners. Criminals use photos of other people and trick people into thinking it’s them. Then when you are close enough, they will ask you for favors such as money and your information.
Emotet malware attack. It is a Trojan horse virus that feeds on simple passwords. If your password is not strong enough, you will be exposed to this cyberattack. The virus can steal data and load other malware onto your system.
Governments, small businesses and businesses can be exposed to these cyber threats. Imagine, the Dridex malware attacked the US public government when it has one of the most important cybersecurities in the world. Getting cyber insurance would be smart for business owners as it can happen to anyone.
Billions of funds have been lost to cybercrime. According to Insurance Information Institute, reports of identity theft and fraud from 2015 to 2019 have increased significantly. The top five identity thefts are credit card fraud (new account), miscellaneous identity theft, mobile telephony (new account), personal or business loan, and leasing or car loan.
We are on our way to the modern age right now. We don’t know what will happen in the future, but we must always be prepared. During the pandemic, we knew the internet was a powerful technology that we could use. Schools, businesses, etc., have been conducted online. We have continued our daily life online, and it is thanks to our technology.
Now that we are in our time when everything can be done online, we also need to protect each other by getting any of these services. If you have a small business, you might not see the value of cyber insurance, but there will be a time when you grow your business and you need this service.
Posted on May 29, 2021