Cyber Insurance: What You Need to Know

Our world is faced with an abundance of security and cyber crime that just 20 years ago wasn’t as much of a concern. With the evolution of the internet along with data breaches,  cyber crimes are becoming way too common. Data breaches not only hurt business with damage caused and information loss, but also small and large business are subjected to hefty fines by government entities if proper steps are not taken before and afterwards.

Today, its not just the large business that are vulnerable. According to RPS, 43% percent of all cyber target small and medium sized businesses. Today 55% of small businesses have had some form of a data breach. A breach not only makes the business susceptible but also the employees and customers information.

What is Cyber Insurance?

Cyber insurance is a policy designed to cover the business from liability by a malicious data breach. It can help notify customers of the data breach and help restore personal identities of affected customers. Most state require companies to notify customers of a cyber breach.  Cyber Liability can also help recover compromised data or repair damaged computer systems.

What are some examples of Cyber Crimes?

Ransomware – An employee clicked on a malicious link which downloaded  a file known as ransomware. Typically, the malware attacks important systems and demands payment for release of information.

Cyber-terrorism – An employee notices the business has some sort of pro-terrorism propaganda posted on their twitter. Next thing you know it is also posted on the companies website and Facebook page. It was later determined that a terrorism group hacked into their systems and posted the content. 

Trademark – Someone within your company receives a demand letter regarding a trademark issue indicating you violated another parties right.

Employee Information – A number of employees start noticing they were subject to tax fraud. It was later found that all of the employee information was attached through the businesses computer system

Customer Information – Customers start calling into a business complaining of fraudulent activity. It was later found the business was hacked and customer credit card numbers and addresses where compromised. 

Each one of these scenarios could impact practically any large or small businesses. In the past hackers have went after large businesses because they knew they been able to get money. With cyber security becoming a growing field and tightened protections, small businesses are becoming susceptible because of tightened security.

How do I get Cyber Insurance?

Contact Millennium Brokers who offers Cyber Insurance to both small and large businesses across the State of Missouri. Millennium Brokers is located in Springfield, Missouri but they work digitally to provide Cyber Insurance to all of Missouri.

Request Your Proposal Here

Are you ready to save time, aggravation, and money? The team at Millennium Brokers is here and ready to make the process as painless as possible. We look forward to meeting you!

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