5 Questions You Can Ask Yourself When Buying Cybersecurity Insurance

For a small business, a cyber attack can bring down the entire company if it has no protection to cover up the damage and address the consequences of an attack. Outsource Solutions Group recommends that your customers take out cyber liability insurance while using our services. To the extent DoD CMMC that new threats arise, it is practically impossible to guarantee perfect security. One of the easiest ways to make money from cybercrime is through money transfer fraud, which is often continued through social engineering techniques such as phishing or commercial email engagement .

With our cyber insurance checklist, you can ensure that your policy has everything your company needs to be safe from attacks, hackers and data breaches. Two of the latest emerging digital risks include service fraud and blocking. These tactics can be devastating for companies and are generally not covered by a general cyber policy. Coalition’s cyber insurance provides cover for computer replacement, addressing the widening gap between a company’s overall cyber coverage and real estate policies.

From real estate companies to health services, your activities can stop if your systems experience a cyber attack. In this article, we provide a cyber insurance checklist to help you learn what to look out for in a policy to ensure your business is protected when an attack occurs. A network security grant is important for most companies, including companies that are subject to information and privacy risks.

The average ransom demand made to coalition policyholders in the first half of 2021 was $ 1.2 million. Paying such an exorbitant fee is often not sustainable for many companies. Coalition’s cyber insurance not only covers ransomware losses, but if selected by an insured, Coalition Incident Response can assist in forensic investigation and work to reduce risks and exposure to your business. Cybercrime can take various forms and we know that no company is too small to be an attractive financial opportunity for threatening actors.

Not all cyber insurance requires the use of your company’s legal advice, but make sure that this requirement is not in effect before you officially sign anything. Companies that investigate the best policies need to understand the differences. If your policy has a deductible, ask for the impact it has on increasing or decreasing your premium. You also want to explore potential savings through insurance discounts or grouping policies.

Cybercrime is an optional cover under most cyber insurance, which means you shouldn’t assume that your policy automatically includes this coverage. Cybercrime is defined in many ways, but more often it refers to when an attacker cheats on you or an employee to fraudulently connect you or designate confidential business information as credit card information. On several points on this checklist, we have stressed the importance of evaluating and updating your cyber insurance.

Therefore, cyber insurance can be a smart precaution for companies of all sizes. After the pandemic hit, entire workforce migrated from working in an office, where cyber security was more under control, to working from home. This presented immediate challenges as cyber criminals took advantage of the new security and human vulnerabilities. The main challenges included bandwidth and unsafe connectivity, employee access and phishing issues, social engineering and other “human” cyber risks. One policy for all companies is rarely the best option for most companies.