Subscribe to our blog for all the latest news, updates, and events from Paynewest and our partnersSubscribe
It seems you can’t turn on the news without hearing about a cyber- related crime or incident.
Criminals are increasingly using ransomware as a means of extortion. Ransomware is a form of malware, usually delivered by email phishing scams, that locks victims out of their critical data until they pay the criminals a fee. The FBI received more than 2,400 complaints about ransomware in 2015 with a reported loss of more than $24 million. Authorities believe the actual costs could be much higher because the crime is underreported. The Department of Justice estimates that these ransomware attacks now average 4,000 per day – that’s a 300 percent increase over 2015.
Headlines usually describe breaches of sensitive customer data suffered by large, well-known companies. In reality, most cyber-attacks are not high-profile cases but softer targets, such as small- to medium-size operations. No business or industry is immune to cyber risks. Lost or stolen mobile devices, improper disposal of paper records or deficiencies in system malware protection can lead to a breach or attack.
The good news is that insurance coverage is available that can be tailored to protect your business from cyber risks.
Small- to medium-sized businesses should consider coverage for:
If your business stores large quantities of sensitive information, for example, financial institutions, health care organizations or schools, ask about cyber defense coverage which may include:
With or without insurance coverage, you can take septs to help prevent loss:
This content is for informational purposes only. Consult your actual insurance policy for details regarding terms, conditions, coverage, and exclusions. Content provided in partnership with The Cincinnati Insurance Companies.