The world of cyber-crime is a complicated and ever-changing one. It seems that every other day, the news media is reporting on another cyber-attack on a large corporation or local government, or even a small community college. Cyber-attacks come in many forms, including identity fraud, theft of financial data, ransomware, cyber extortion, and more.
On a personal level, protection from, and support after an occurrence of these threats may be purchased as an endorsement to your Homeowners policy, or from a cyber-security company like LifeLock. But what about protection for your business?
A comparison of physical vs electronic security measures, because crime is always evolving:
| We used to… | Now we… |
| Lock the doors when we went out | Install and keep current with anti-virus software |
| Sort through and recycle junk mail | Use SPAM filters on our email |
| Lock up important documents and confidential information | Encrypt data with off-site servers |
| Look through the peep-hole before opening the door | Verify the security of websites before entering sensitive data |
| Use security envelopes that couldn’t be read through | Send confidential information through encrypted secure email |
The potential fallout of even a small-scale cyber-attack can severely disrupt your business. Think of the impact on sales if your POS equipment can’t take credit or debit cards. How will you recover if a hacker steals and sells the confidential information stored in your customer management software? And what about those emails – you know the ones – that show up in your employee’s mailboxes every day. What will you do when one wrong click opens your network up to a ransomware attack?
Cyber Liability coverage from Auto-Owners* is an optional package with liability, property and crime coverages and services. The coverage enables your business to respond when tangible and intangible information in your care, custody or control has been lost, stolen, breached or inadvertently disclosed. The Cyber Liability package provides both Third and First Party Coverages, and includes data loss expenses, lost income, and personal identity recovery expenses. Aggregate limits may be available from $50,000 to $1,000,000, with higher limits requiring certain safeguards and procedures to be in place.
For an in-depth look at Small Business Cyber Security, check out this Auto-Owners blog post.
Insure with the People you Trust
Investing in Cyber Liability insurance may be the best thing you do for your business in 2021. At Kasmann Insurance Agency, we understand how important your business is to you, your family, and your community. Send us an email or give us a call at 573-442-1105 to make sure your business’s insurance needs are being met, and for more information on Cyber Liability coverage and how it can help protect the way you do business.
*Other Commercial Insurance companies that we represent offer Cyber Coverage as well, talk to your Agent to learn more