Cyber Liability Insurance: Protecting Trading Companies From Data Breaches
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Cyber Liability Insurance: Protecting Trading Companies From Data Breaches
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When data breaches make the news, they usually involve large companies and affect millions of people. In 2021 <a href=" https:
With such lofty goals, small business owners may feel overwhelmed. What do criminals want from a mom and pop shop or small business? Money. According to Verizon's 2022 Data Breach Investigations Report (DBIR), even very small businesses (those with 10 or fewer employees) can become attractive targets because they often lack very good protection.
The report noted that attackers compromised small business data 130 times between November 1, 2020 and October 31, 2021, and that these types of data breaches can kill small businesses. Data breach insurance can be a great way to insure your business, but it's important to understand what type of insurance you may need and what different policies include.
The definition of a data breach can vary and is something you'll want to review before purchasing insurance. Verizon's DBIR and others define a data breach as an incident that allows unauthorized parties to access confidential, personal, sensitive, or proprietary information.
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A data breach can be the result of a cyber attack, where hackers or criminals exploit vulnerabilities in your computer system, trick you into installing malware, or use social engineering to gain access to your systems (i.e. trick or intimidate you). But it can also happen when an employee or business uses their legitimate access to personal and business information for malicious purposes - what you might call an insider attack. It can even happen accidentally, such as when an employee loses a company laptop with encrypted sensitive data.
While data breaches often involve a company's electronic systems and files, this is not always the case. If a thief breaks into your offices or warehouse and steals employee files, it could be considered a data breach.
A data breach can result in the exposure of a variety of information, including a company's financial statements, intellectual property, customer personal and payment information, and employee personal information. This can be detrimental to businesses large and small.
Some attackers can install paid software, lock you out of your system, or reveal confidential information if you don't pay. State and federal laws can require companies to pay fines and disclose data breaches, which can damage your reputation. There may also be legal and repair costs.
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Data breach insurance is a type of business insurance that helps companies cover the costs associated with a data breach. Businesses can purchase data breach insurance separately or provide data breach coverage as a rider or other business insurance benefit.
Any business with sensitive information can be at risk of a costly data breach, including e-commerce businesses that store customer profiles and store customer payment information. While some companies are more likely to be targeted than others, Hiscox's 2022 Cyber Preparedness Report says companies with annual revenue between $100,000 and $500,000 are just as likely to be victims of a cyber attack as companies with annual revenue between $1 million and $9 million.
Some insurers offer general cyber liability policies that cover both first and third parties. However, if you don't need comprehensive coverage, you can save money by purchasing more limited data breach insurance.
There is often overlap between data breach insurance and cyber liability insurance, but they are not necessarily the same.
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Both types of insurance can help cover costs associated with cyber attacks and data breaches. But benefits can vary by insurer and policy, and it's important to check the fine print to know what is and isn't covered.
In general, cyber liability insurance offers more comprehensive coverage, which may include data breach insurance and third party indemnification. Cyber liability coverage may also include claims related to a cyber attack that does not result in a data breach. For example, if a distributed denial of service (DDoS) attack floods your website with unauthorized traffic, you can file a business interruption complaint.
Data breaches can happen for a variety of reasons. A criminal can gain access to your computer system or office filing cabinet. In Sensitive, someone with legitimate access to sensitive data can lose the laptop or use the data maliciously. Types of disclosed information may include trade secrets, financial documents, and personally identifiable information such as Social Security and driver's license numbers.
Various types of cyber attacks and physical attacks can lead to data breaches. Among the most common reasons are criminals tricking employees into logging in or sharing login information, and employees using their legal authority for malicious purposes.
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Data breach insurance can help companies cover the costs associated with a data breach. This may include notifying affected parties, paying necessary fines, and the cost of restoring the system. The policy may include payment (or may offer additional payment) to pay software claims and business income lost as a result of the breach.
Cyber insurance, also known as cyber liability insurance, can be similar to data breach insurance if it only provides first-party coverage for a data breach. However, some cyber insurance policies are more comprehensive and cover various types of cyber-related crimes, attacks and errors.
Cyber insurance typically does not cover cyber-related crimes or accidents where a customer is injured at your place of business or uses one of your products. But other types of insurance, such as liability insurance, can provide protection.
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Try it 3 days free, no credit card required. By entering your email address, you agree to receive marketing emails. Richard Bridges, Roanoke's VP of Customer Development, recently published an insightful article on cyber attacks in CNS Air Cargo Focus. Rick has over 18 years of experience in international trade and insurance and is no stranger to cybersecurity issues.
Every company, industry, and institution is vulnerable to cyber attacks. Ransomware has exploded, and hackers are now taking advantage of many opportunities to gain access to your company's sensitive and confidential information. From healthcare institutions to transportation and logistics providers, everyone is at risk of a data breach.
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Cybercriminals target transportation and logistics providers because they can control when large shipments are shipped or when and where they can leave a shipment unattended. Organized phishing rings like to take advantage of companies that don't effectively protect against ransomware threats.
We encourage all of our clients to read Rick's article so you can understand how your business may be vulnerable to cyber attacks and what you can do to prevent it.
Roanoke Insurance Group is pleased to sponsor another $5,000 scholarship for students planning to enter the commercial industry. The National Customs Brokers and Forwarders Association of America (NCBFAA) offers this $5,000 scholarship award annually and will be awarded to the winner at the NCBFAA Annual Conference in April 2023. The theme of this […]
Liability terms vary for the commercial and transportation industries. Personal injury and property damage (BIPD) traffic accidents pose a real financial threat to brokers, freight forwarders and other transportation intermediaries. Recently, the number of large trucks involved in fatal accidents and jury awards have increased. Fighting […]
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The National Safety Council (NSC) recognizes April as Driver Awareness Month. An estimated 4,000 people die and 276,000 are injured each year. In addition, distraction causes 10% of all crashes. Most of these accidents and deaths are attributed to drivers who engage in risky behavior such as cell [...] The insurance industry consists of companies that offer risk management in the form of insurance contracts. The basic concept of insurance is that one party, the insured, guarantees payment for an unknown event. Meanwhile, the insured or another party to the policy pays a lower premium to the insurance company in return for this protection in the event of an uncertain future.
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