Age of the Cyber-Attack:
How Do We Protect Ourselves?
You're sifting through emails, deleting the spam, reading through overdue messages, saving special offers and then you end up clicking an innocuous link. In less than 5 seconds you've fallen victim to a cyber attack. Ransomware attacks are on the rise due to hard-to-trace cryptocurrency, the work-from-home boom and political tensions between the US and Russia. The recent spate of ransomware attacks have crippled our countries infrastructure, disrupted major food supply chains, and revealed that anyone, firms both large and small, are highly susceptible to these attacks. So how should we protect ourselves and our businesses from these insidious cyberattacks? Cyber Insurance. Cyber insurance, also known as cyber-liability insurance, is an insurance policy that helps protect organizations from the fallout form cyberattacks and hacking threats. It can minimize business disruption during a cyber incident and its aftermath, as well as potentially cover the financial cost of some elements of dealing with the attack and recovering from it. Here are our main takeaways about Cyber Insurance and how it applies to everyone.
Who Needs Cyber Insurance? Any business with an online component or one that sends or stores electronic data. Private and personal data such as contact details of customers or staff, intellectual property, or sensitive financial data are all potentially very lucrative to cyber criminals that could steal it. There's also the potential for hackers to cripple a network with ransomware. A cyber insurance policy that covers ransomware could go a long way to helping organizations that fall victim to attacks like this find a way out.
What attacks result in Cyber Insurance claims? Multiple incidents but the most common are ransomware, fund-transfer fraud attacks, and business email compromise scams.
What Does Cyber Insurance Cover? It depends on your policy, but generally immediate costs associated with falling victim to cyberattack like data recovery, system forensics, legal defense and making reparation to customers.
How Much Does Cyber Insurance Cost? It depends on the size of the business, annual revenue, your industry and the type of data that your business deals with and the overall security of the network. Companies with poor cybersecurity or have aa history of cyberattacks or data breaches will likely be charged more.
Get in touch with us today to talk about your Cyber Insurance!
Deep Eddy Pool
"I love Deep Eddy for a refreshing dip and then a burger at Pool Burger next door. That's the perfect Austin summer day to me."
- Jennifer Schuler, VP Marketing
"We like to go on the weekend, bring a cooler and check out all 32 springs on the property."
- John Schuler, President & Owner
Barton Springs Pool
"When we start hitting the 100 degree weather there is nothing better than Barton Springs."
- Adriana Gonzales, Bond Department
How to Prepare for the Texas Summer Heat
Summer is here and so is that 100 degree weather. While insurance policies normally cover claims caused by extreme summer heat, a study conducted by Mercury Insurance revealed that 41% of US homeowners don’t know what their policy covers – and almost one in five policyholders believe they don’t have enough insurance to repair or replace damaged property.
Common claim scenarios during summer can easily be avoided by taking extra precautions. For instance, proper servicing can prevent water leaks and pipe damage due to rising temperatures. And using surge protectors can avert damage caused by rolling blackouts.
“A home is like a vehicle in the respect that it needs a tune up to handle the change in seasons,” said Christopher O’Rourke, vice president of property claims at Mercury Insurance. “Now is the time to prepare property for the intense summer heat, and one important step is to contact an insurance agent to assess coverage before you suffer a loss.” Reach out to our team if you have any questions about how this might affect your policy or if you need more coverage.
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Wondering what your policy covers and if you're ready for the summer? Call us at 512-447-7773, email us at firstname.lastname@example.org or reach out to your dedicated agent.