Cyber Insurance

Social engineering is one of the most challenging cyber threats because it targets the human element. Hackers use deception to manipulate employees into revealing sensitive information or transferring funds. Imagine if a convincing email or phone call led an employee to unknowingly give access to the business’ bank  accounts.  How would your business handle the fallout?  Social engineering attacks can take many forms, including phishing emails, pretexting (impersonating a tru

Cyber threats like ransomware and malware are on the rise, targeting businesses of all sizes. But what do these terms mean, and how could they impact your business?  Malware  is any malicious software designed to damage or infiltrate systems. This includes viruses, spyware, and Trojans, which can steal data, monitor activity, or disrupt operations.   Ransomware  is a specific type of malware that locks you out of your own data or systems and demands a ransom payment to restor

Phishing attacks are one of the most common and costly cyber threats today. Someone falls victim to a cyberattack every 11 seconds. Hackers use fake emails, texts, or websites to trick employees into sharing sensitive information, like passwords or financial details. Have you considered how a single phishing attack could disrupt your business, or even put your clients’ data at risk?  Phishing scams are getting more sophisticated, often mimicking familiar brands or trusted con

The Internet of Things (IoT) has transformed the way businesses operate, enabling everything from smart office systems to supply chain management. But this transformation brings risk: every connected device is a potential entry point for cybercriminals. Is your business prepared for an IoT breach, and do you have a recovery plan in place?  IoT devices often lack robust security features, making them vulnerable to attacks that can disrupt operations, compromise data, and even

In our increasingly digital world, AI (artificial intelligence) has brought remarkable advancements, but it also introduces new security risks. With AI powering more of our daily interactions, it is crucial to ask: Is your business protected against these evolving cyber threats?  AI can enhance efficiency, but it also presents new vulnerabilities. For instance, AI-driven tools might be exploited by hackers to perform sophisticated attacks, potentially breaching sensitive cust

In today's digital world, cyber threats are a growing concern for businesses of all sizes. Cyber insurance  protects your company from the financial fallout of data breaches, cyber-attacks, and other digital exposures. A single cyber incident can cause substantial financial losses from costs like data recovery, legal fees, and business interruption expenses. The financial impact of a cyber-attack can be devastating, potentially leading to bankruptcy. Cyber insurance helps cov

Cybercrimes, including ransomware, continue to proliferate.  The recent attacks in the news highlight the vulnerabilities and high costs of these faceless crimes.  The July 9, 2021 edition of The Kiplinger Letter1 devoted nearly an entire page to the topic, noting that small businesses are equally vulnerable.  Even small businesses with limited IT budgets should enact cyber best practices to reduce the exposure.  These tips from the National Institute of Standards and Techn

The ever-growing network of smart sensors embedded into devices can be part of everything from home security systems and water leak...

There are several things you can do to protect yourself from cyber threats.  Start with these 7 tips. 1.Know your Data Know where and how your data is stored. Is it kept in-house, at an offsite data storage facility, or outsourced to a third party? Many transaction components require businesses to send customers’ personally identifiable information, such as credit card information for payment processing, to a third party. Consider all the elements of your data when evaluating

If you’ve heard the many news stories about cyber breaches, you know cyber insurance is essential for businesses in todays digital landscape. Let's break down essential cyber insurance coverages.   Be sure that your policy includes the following: Regulatory Defense and Penalties Coverage Covers the costs of fines by State or Federal agencies for breaching consumer privacy Notification Costs Covers the costs to notify affected individuals after a data breach Cyber Extortion Co

Phishing is when a hacker sends an email that appears to come from a known contact or organization.  The message would contain a link or attachment that would either install malware on the device which would then gather account and passwords or would direct them to a fictitious website that would trick the target into giving up passwords or account information.  Spear-Phishing elevates the attack by personalizing the message.  Instead of sending it to everyone on a contact

Cyber insurance has provided a much needed lifeline for many businesses across the country.  And until recently demand had been new and relatively low, keeping the cost of the coverage low.  COVID and the resulting wave of remote work has changed all of that.  Ransomware claims skyrocketed causing demand for coverage to follow suit.  The increased demand drove up the cost of coverage but more importantly the increase in claims caused an unusual hardening of the cyber insuranc

On December 10, 2021, the Apache Software Foundation released an advisory to address a vulnerability that could affect any organization running Java-based applications.  The recent flaw found in Apache Log4j is highly technical.  This computer code is found in countless software and cloud applications.  This flaw can result in criminals gaining access to servers they shouldn’t have access to.  Thankfully, the company behind the flaw (Apache) has already released a fix.  Busin

As your insurance agency, we are always on the watch for ways that we can help you avoid a claim.  Some of the most rampant claims...