Cyber Security Insurance: A Must-Have Investment

ShiftRisk Team
June 29, 2022

Cyber security Risks can hit businesses of any size and in any sector. Be it small or medium enterprises (SMEs); studies show that ransomware is the leading cause of losses. The second is business email compromise (BEC), wherein scammers use phishing emails or other fraudulent means to get login credentials. 

Surprisingly, digitally operating businesses are not the only ones affected by this; time, and again, manufacturing companies also incur significant losses.

While a $5 million ransom demand from a Fortune 500 company might not be a great deal, a $286,000 ransomware payment for an SME could be flabbergasting. Small businesses often think they are not the target; however, when observed from a hacker's perspective, they are merely targeting the common vulnerabilities in software that SMEs use.

A good cybersecurity insurance policy does more than just cover costs associated with ransomware, data breach liability, or business interruption. In the case of Business Email Compromise, the criminal exploits both personal and professional communications through misleading emails. 

The message coming from these criminals often appears to be a known source making a legitimate request.

For example:

  • A vendor that your company deals with on a regular basis sends an invoice with a new mailing address.
  • The company CEO could ask an assistant to send out gift cards as employee rewards. Through the conversation on this email thread, sensitive details such as the emails of employees or bank details of the company could be leaked unknowingly.
  • A homebuyer could receive a message from the property developer with instructions on how to wire his down payment.

So the point is - what do you do when you are vulnerable to such CyberSecurity attacks? 

Sometimes you cannot escape getting into such intelligent traps. Buying a Cyber Security Insurance covers you and your business from a range of Cyber Attacks such as Identity theft, IT theft loss, identity thefts, cyberstalking, malware and phishing attacks, email spoofing, media liability, cyber extortion and privacy and data breach by a third party.

The key benefits of Cyber Security Insurance make it worth an investment, and these can be summarised in the following.

  • Coverage beyond a general liability policy
  • Affordable Premium
  • Data breach coverage
  • Instant E-Notification of Claims
  • Emergency Assistance - 24/7 access
  • Render support in filing online police complaints
  • Assist the customer in understanding & implement loss mitigation measures

 Want to know more about Cyber Security Insurance?

Our dedicated team of experts at ShiftRisk are at your disposal. Get the most honest advice and legible Cyber Security Insurance Plan for you and your business.

Book your appointment with us now!
Written By:
ShiftRisk Team