Ryan Insurance & Financial Services

Cyber Insurance: What you need to know

by Sean Ryan on Jul 5, 2017

According to Forbes, cyber-crime-related costs are projected to reach $2 trillion by 2019. Yes, that’s trillion with a T! Read the news and you’ll always hear when large banks, retailers, and federal agencies’ cyber security is breached, but according to Microsoft Corporation, 20 percent of small to medium-sized businesses have been the target of cybercrimes, too.

Is yours next?

Last month, an international cyber-attack arrived on the world stage with crippling results. Security experts report that the attack -- in which hackers exploited a flaw in Microsoft Windows’ operating system -- disabled 200,000 computers in more than 150 countries.

This notorious ransomware is named “WannaCry,” and for good reason. Workers across the globe whose computers were infected were notified on their monitors with a message from WannaCry that read, “Oops, your files have been encrypted!” followed by a demand for $300 in Bitcoin, a digital currency.

WannaCry wasn’t the first attack, and it won’t be the last. In fact, according to cyber-security experts, cyber incidents like these are on the rise for small and medium-sized businesses. The good news is you can protect your company’s – and your family’s – digital assets with cyber insurance.
How does cyber insurance work?

Cyber insurance, also known in the insurance industry as cyber and privacy insurance, is a type of insurance designed to cover consumers of technology services or products. Policies aim to cover liability and property losses that may be a result of electronic activities.

For example, a data breach that exposes customers’ personal information (such as Social Security Numbers or credit card details) would be covered by such a policy, and would take care of expenses such as notification costs, credit monitoring, the cost of defending claims, fines and any loss that results from identity theft.

On the personal insurance side, many homeowners’ insurance policies include identity-theft coverage. Identify theft coverage includes activities such as monitoring a person’s credit and assigning a case manager to help clean up any fraudulent activity and damage.

Our firm works with several insurance companies that offer cyber and privacy insurance, including identify theft insurance, and we have several we recom
mend to our clients. Wondering if identity-theft protection is included in your homeowners’ policy? Call us and we’ll check.

As an individual, we recommend you explore the options of identity theft, and as a business, look seriously into cyber insurance.

Contact us to learn more about this affordable coverage, and gain digital-grade peace of mind for your business and your family.

View full site   © 2019 Ryan Insurance