Cyber Liability Coverage for the New Era of Ransomware
With cybercrimes on the rise, it’s time to look not only at your practices but also your cyber liability coverage.
With cybercrimes on the rise, it’s time to look not only at your practices but also your cyber liability coverage.
In July, we all saw the ramifications of a well-performed hack. Twitter experienced the most catastrophic security breach in its company’s history. With Elon Musk, Barack Obama, Joe Biden, Bill Gates, and other high-profile Twitter users among the hacked users. This hack caused Twitter to shut down all blue-checked accounts. This breach of security cost Twitter users more than $118,000 and the company more in their reputation in just a few short hours.
With most of business and social interaction moving toward technology-centered avenues, this can be troubling for most business owners. What will your company do if this happens to you? Has the global pandemic and stay-at-home orders made you more vulnerable to potential cyber-attacks? How can you protect yourself and your company? Let’s explore!
Cyber insurance covers the expense incurred due to a data breach, virus, or other cyber-attacks and fraud. It can also cover legal claims that come from a security breach. As companies utilize cloud software, personal computers and laptops, and other technology-based means to store their sensitive data, their risk for a security breach becomes exponentially larger.
The Identity Theft Resource Center claims that in 2018 businesses experienced 571 breaches in security, which exposed 415 million employee and customer records.
When you do experience a breach as a company, federal law requires you to perform an extensive list of to-dos. If you have cyber insurance coverage, your carrier will take that responsibility on.
As businesses moved to a new work-from-home model, cyberattacks increased. With most company communication done through e-mail, Slack, or other online platforms, the risk of a breach exponentially increases. This could cause a company to experience massive monetary loss and reputation damage.
What are the signs you may be at risk of experiencing a cyber attack?
These tips along with the added security of cyber insurance should prepare your business for potential cybersecurity breaches. Learn more about how cyber insurance can help your company today.
Monday – Friday 8:00AM – 5:00PM
Saturday Closed
Sunday Closed
© Copyright 2021- Competitive Edge Insurance
site design by digitalstoryteller.io
© Copyright 2021- Competitive Edge Insurance
site design by digitalstoryteller.io
This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.
Accept settingsWe may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.
Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.
These cookies are strictly necessary to provide you with services available through our website and to use some of its features.
Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.
We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.
We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.
These cookies collect information that is used either in aggregate form to help us understand how our website is being used or how effective our marketing campaigns are, or to help us customize our website and application for you in order to enhance your experience.
If you do not want that we track your visit to our site you can disable tracking in your browser here:
We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.
Google Webfont Settings:
Google Map Settings:
Google reCaptcha Settings:
Vimeo and Youtube video embeds:
The following cookies are also needed - You can choose if you want to allow them:
You can read about our cookies and privacy settings in detail on our Privacy Policy Page.
Privacy Policy