Cyber crime is becoming a pressing issue for many Americans and businesses. The idea that you can protect yourself with cyber insurance is becoming more popular.
More than 60 carriers offer stand alone policies.
“Anybody that’s on the internet is susceptible to hacking, to fraud,” said Bill Ray, the President of Custom Software. “Normally you don’t know until the damage is done, and there is a lot of them out here that will hold computers for ransom.
Cyber insurance is now one level of protection. “One it protects you from getting sued. If there was a breach and someone’s data was used erroneously and causes damage to them the individual. The second thing it protects the business in terms of its assets for paying for re-mediation, meaning paying for the ability to fix the issue,” said Nick Lizanich, Director of Healthcare and Technology Risk Management for Forrest Shere Insurance
Target is a prime example of why cyber insurance is important. In 2014, hackers stole massive amounts of credit and debit card information from the retailer. The hackers took the personal information of 70 million Target customers, putting them at great risk for identity theft.
“The bad guys are getting smarter and smarter about how to trick you into believing their e-mails. So you still have to have a lot of do diligence and caution with any email particularly that has an attachment,” said Libby Wyrick, the owner of Systems House.
Remember. No matter where you business is located, you could face a cyber attack. Size doesn’t matter. From a mom and pop operation, to a Fortune 500 firm, everyone is at risk.