While costly and dangerous, data breaches aren’t the biggest threat to businesses from hackers on the radar for this year. The first half of this year alone has seen an uptick in the frequency and severity of attacks that have always existed. Ransomware is gaining traction among cyber criminals for being unsophisticated and easy to deploy.
Ransomware and malware aren’t necessarily new exposures to businesses. However, now ransomware is being targeted and deployed with other kids of attacks to both extort companies for payment and damage data systems. The extent of damage that a ransomware infection can cause within a single company is certainly near the top of the list of what insurance carriers are watching closely. Fraudulent transfer of funds through business email compromises and social engineering tactics are a substantial area of exposure for all businesses, big and small.
No businesses are immune to cyber threats. As long as an organization uses a computer or the internet in any part of its business processes, they are at risk of some kind of cyber event.
Insurance carriers are shifting their coverage to make sure that the coverage matches the every changing exposures of cyber liability. For more information on what type of cyber liability coverage are available, read the section here on Professional Underwriter’s website. Contact an agent today to get a quote!