Cybercrime is a global issue, with costs reaching in the trillions.
Because it’s a relatively new phenomenon and the impact can sometimes take a while to trickle down, many people aren’t aware of how prevalent cybersecurity attacks and data breaches actually are.
If you aren’t aware of what is covered in your insurance policy, it could cost you money.
Bosworth & Associates Insurance in Tyler, Texas, feels it’s crucial for customers and a wider audience to understand what’s happening in the world of data security, online information security, and the insurance world.
You must be aware that both your personal and business assets could be at risk.
Here’s a little rundown about cybersecurity and ways to protect yourself:
First, it’s important to know your terminology and what’s behind all the wordage when it comes to insuring yourself and your business against cyber attacks.
Chances are, you’re familiar with the other types of commercial and personal insurance, which include: auto insurance, builder’s risk insurance, rental insurance, medical insurance, health insurance, car insurance, truck insurance, life insurance, etc.
But too often, cyber insurance gets overlooked.
However, recent events have proven that it’s potentially financially devastating to overlook the potential negative and disastrous consequences of a cyber attack.
This is where cyber insurance comes in. Another term for cyber insurance or cyber liability is internet liability.
Contact your insurance agency today and make sure you’re covered, no matter what term is used. It could mean all the difference in your financial future if you’re the target of a cyber attack.
A quick breakdown: Cyber insurance policies fill holes in your general liability policies. These general policies may exclude losses due to cyber hacking and other internet-based issues.
Think about it this way—most of your personal information is online. What would a data breach potentially do to your personal or business finances? How much do you stand to lose?
Here are some ways to protect your personal and business information against data security breaches:
· While the public WiFi might be a temptation, it’s best if you wait until you can find a more secure connection if you’re limited to wifi. Using public WiFi opens your phone, computer, and other devices up to all kinds of potential hackers and other potential cyber-attacks.
· Even though it’s easy, if at all possible, don’t share personal information online. There are so many forms that require such information as social security numbers, home addresses, bank account information, etc. While internet security covers many bases, as the recent data security breaches and cyber attacks have shown, everyone is vulnerable when it comes to their online information.
· Use strong, long passwords with capital letters, numbers, and symbols. Change up your passwords. Set up multiple checks and balances for important information such as banking, etc.
We do more and more business and banking online, which makes us more and more vulnerable to hackers, and makes our information security more vulnerable. So wherever you can, make it harder for those trying to harm you and/or your business.
Cyber attacks can cost you and your business hundreds of thousands or even millions of dollars.
In the past, most insurance has been focused on the physical. You buy insurance to protect your home or business from a catastrophic weather event, physical theft, fire, etc.
Today, one of your most vulnerable areas is through the information we share online. Because so much of it can too easily be used against you in negative ways, it’s time to fix the holes in your internet security.
Even the government is working to crack down on cybersecurity breaches.
In this specific case, the Texas government.
After the recent breach in the Colonial oil pipeline, which impacted millions of people and cost millions of dollars, Texas House Bill 3746 was passed. This bill amends a former Texas Business and Commerce Code. It now requires that businesses notify individuals and the state attorney general if there has been a cybersecurity breach and their personal information has been compromised.
What’s important about this bill when it comes to cyber-attack insurance coverage is that the law now supports your need for financial compensation from your insurance company should you fall victim to someone perpetuating a cyber-breach.
Over 50% of businesses admit that their information might have been compromised by a security breach in the past year.
According to a University of Maryland study, hackers attack individuals and businesses approximately every 39 seconds.
Additionally, these studies were pre-pandemic before everyone moved online for everything. The rampantness of cyber attacks and their costly impacts simply are not worth the risk to sit idly by and hope it never happens to you.
Whether it’s for your business or personal insurance, contact your local insurance provider today, and ask about cyber insurance.