We have been seeing an increasing number of claims involving cyber attacks, viruses, malware, phishing and other situations where electronic systems are being compromised both by directed effort and innocent mistake. These incidents can cause loss or damage to electronic data, forensic expenses, loss of income, network security and privacy lawsuits, extortion losses, notification costs, and damage to your business’ reputation.
Stay vigilant to protect yourself and your business from becoming a victim of a cyberattack. Most companies don’t believe someone would target them with a phishing attack. However, we’ve seen large and small businesses targeted, as well as increases in ransomware claims submitted under our Cyber coverage.
Most standard commercial insurance policies provide only limited (if any) coverage for these types of claims, and something as simple the use of email in your business can expose you to the risk of a breach or cyber event.
We strongly recommend that each of our commercial customers take advantage of our free cyber security assessment provided by our partners at Fifthwall. With a small amount of basic information, this free report will provide a snap-shot of what a cyber event could look like for your organization and provide a strong starting point to understand how these risks may threaten your business.