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.
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.
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.