Cybercrime: A Virtual Reality
Cybercrime is when private or confidential information is compromised and then extorted, sold or rented to others. Large corporations that have been breached like Anthem, Home Depot, Scottrade and Target are in the national headlines, but small to medium-sized companies (under 500 employees) are most at risk of going out of business from a cyber breach.
According to the 2015 Symantec Internet Security Report, 60% of cyber-attacks last year struck small to medium sized businesses along with 34,529 known computer security penetration incidents per day. Cyber criminals are interested in making money as easily as possible so they focus their high volume attacks on less sophisticated systems.
Our Cyber Liability program is designed to be convenient, cost-effective and, most importantly, comprehensive in coverage to protect your company, employees and customers. Most insurance carriers require lengthy applications with highly technical questions but, as long as your organization generates less than $250 million in revenue, our program only requires a five question application to determine eligibility. If your revenue is more, additional questions may be required.
A few facts to consider when investigating comprehensive cyber liability protection
Fact #1: IT consultants agree that firewalls, spam filters, antivirus software and best practices still leave companies vulnerable.
Fact #2: Privacy invasions occur thanks to electronic hacking, digital communications and user errors.
Fact #3: Cyber liability insurance policies are not created equally. A program should offer the following:
- advertising and public relations to protect and restore your quality reputation
- indemnification for unauthorized release of information
- legal defense and settlement
- notification expense and credit monitoring
- reimbursement for credit card company assessment charges and government agency fines
- extortion reimbursement and negotiations assistance
- business interruption
Cyber liability issues aren’t going away anytime soon. It’s not if but when your company will be attacked. It’s up to you to protect your business, employees and customers from financial harm.
Contact us so we can better understand your insurance and risk management needs. After we receive your request, a POWERS associate will contact you about our Cyber Liability Program and an estimated quote. Please be advised that insurance coverage cannot be added, deleted or otherwise changed until it is confirmed in writing by POWERS Insurance & Risk Management or your insurance carrier.