CYBER INSURANCE
Be Cyber Ready
Protect Your Data With Cyber Insurance . It ’ s An Essential .
BY : ROBBIE JUSTIS CLIENT ADVISOR
In today ’ s world , cybersecurity is more than protecting against online predators looking to steal personal information . While that ’ s a critical aspect of cyber insurance , this fast-moving market has escalated in importance during the last year as most of us leverage mobile , internet-connected devices to do everything from transferring financial data to paying bills .
In 2020 , we saw an increased frequency of cyberattacks . According to Cyber Security Organization ( CSO ), 63 percent of companies said their data was potentially compromised due to a security breach .
The most common causes of data breach , based on a Cyber Observer report :
• Weak Passwords
• Back Doors
• App Vulnerabilities
• Malware
• Social Engineering
• Too Many Permissions
• Insider Threats
• Improper Configuration
• User Error
75 % OF BUSINESSES DO NOT HAVE A CYBERSECURITY PLAN IN PLACE .
In fact , errors and omissions breaches doubled from 2019 to 2020 . Ransomware attacks increased by 486 percent from 2018 through 2020 . Some business owners are dealing with eight-figure ransomware lawsuits .
Every 39 seconds , a cyberattack occurs , according to a Clark School study at the University of Maryland .
With remote work , the risks are even greater , creating a heightened need to protect personally identifiable information ( PII ). And as more industries go paperless , including construction and trucking , it creates new opportunities for hackers to compromise data . Customer relationship management ( CRM ) software , drones , and autonomous machinery could all be vulnerable if not protected .
Cybercriminals don ’ t discriminate . They ’ ll attack at home or the workplace and compromise businesses small and large . Even a minor cyberattack can be devastating and cause lost time , harm your reputation , and put clients ’ information at risk .
Every business needs cyber coverage to be properly protected . It ’ s not a luxury , it ’ s a necessity — as is an ongoing , upto-date training program to help your employees reduce exposure and risk . At Deeley , our team participates in quarterly cybersecurity training sessions . These act as quick refreshers on refraining from using workplace devices for personal web browsing or what not to click in a
EVERY 39 SECONDS A CYBERATTACK OCCURS .
suspicious email . We explain securitybreach red flags and have a process in place for employees to report suspect situations . Seventy-five percent of businesses do not have a cybersecurity plan in place . We want to help you establish this critical best practice to protect your operations .
THE KEY TAKEAWAY :
In today ’ s environment , cyber insurance is just as important as your general liability insurance policy .
With cyber insurance prices expected to increase by 20 to 50 percent during the next year due to claims increases , plan ahead and budget for those costs . Now is the time to review your existing cyber insurance policy to make sure you have the right coverage in place . Don ’ t have cyber coverage yet ? Contact us today for a free consultation . +
Robbie Justis joined Deeley in 2020 as a Client Advisor , specializing in Commercial Lines . He brings over 25 years of experience in Sales , including 17 years in Hospitality Consulting . Robbie lives in Salisbury with his wife and three children . 410.213.5634 rjustis @ deeleyinsurance . com
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