Most Common Cyber Threats
Malware: Malware, or malicious software, comes in the form of viruses, worms, spyware, Trojan horse programs and more.
Social engineering: This is a catch-all term to describe the threat associated with fraudulent attempts to get employees or individuals to hand personal or confidential information—typically banking information—to a third-party pretending to be a legitimate outlet. Social engineering threats include phishing, spear phishing, whaling, vishing, SMiShing, pharming and dumpster diving. The result: stolen bank account and credit card information and a serious problem for your business.
Mobile devices: Mobile devices in the workplace are proliferating much like the cyber threats. These devices certainly bring a lot of value and efficiency to businesses, but your data and device security should always come first.
Data breach: Sensitive data stored in your computer or network can be breached by stolen laptops and portable devices, rogue employees, theft of digital assets, privacy breaches and human error.
Internet attacks: Everything is on the Internet, and that fact won’t change. With unparalleled gains in efficiency and our newfound ability to trade with partners anywhere in the world without ever leaving our desks, we have also gained a whole new set of potential cyber threats not only in our backyard, but from cyber criminals across the globe.
Costs Associated with Cyber Liability Threats
The costs to your business from the attacks described above—and others—can include:
- Costs associated with statutory requirements to notify those whose data has been breached
- Public relations and investigative costs
- Loss of income
- Personal injury (libel) claims against you stemming from your website, blog or social media accounts
- Business interruption and loss of income
Today, cyber liability policies might cover everything from legal and forensic services to crisis management/public relations and liability judgments. In addition, you can add cyber liability endorsements to your commercial general liability policy to provide protection against certain types of cyber liability that you are most susceptible to.
Because of the increasing risks and the costs associated with statutory notification, fines, fees, penalties and class action lawsuits associated with privacy breaches, you should by no means ignore cyber liability coverage for your business. Rather, you need to assess your risks and find appropriate insurance coverage. What’s more, you need to take a careful look at the types of security you have employed enterprise-wide, and find ways to institute best practices to make sure that your data and your customers’ data is protected.
What kind of cyber threats do you feel pose the greatest risk to your business? Have you assessed your security practices? Do you need additional insurance coverage?
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