While cyber-related crime was already on the rise in 2019, the recent cyber attacks of 2020 have proven to be even more severe than anticipated. As the COVID-19 pandemic continues to keep us connected digitally more than ever before, cyber criminals are taking advantage, with the number of breaches increasing by 273% in the first quarter of 2020 alone. The harsh truth is: anyone could be the victim of a cyber attack today.
From attacks on healthcare providers and Paycheck Protection Program loans to the stimulus checks of individuals, cyber criminals are more active than ever before, leaving millions of users in danger. As an entire workforce moves to work-from-home, hackers are working around the clock launching any possible attack, including:
- Ransomware attacks
- Malware attacks
- Social engineering attacks
- Distributed Denial-of-Service (DDoS) attacks
These threats are changing rapidly, which means all internet users must stay educated on the most current cyber attack news to stay aware of the most recent types of threats and scams to watch for.
Are Your Clients Ready for a Cyber Attack?
It’s time to take action. Every minute your clients go uninsured puts them at enormous risk of falling victim to a cyber attack, which can have devastating consequences. While they may not realize it, small businesses are a common (and often easy) target for hackers.
So why do so many small businesses continue to go uninsured? There’s a number of reasons:
- They don’t realize they’re a potential target
- They don’t recognize the exposure
- They don’t understand the financial and reputational harm of a cyber attack
- They think cyber insurance is too expensive
- They don’t think cyber insurance provides enough coverage
The single most important step you can take to protect your clients from these catastrophic attacks is to help them find the best possible cyber insurance policy.
The damages of a cyber attack are so severe, in fact, that more than 60% of businesses fold due to a cyber attack. And, the rate at which these threats are being launched is astonishing: See for yourself with this cyber attack map.
Cyber insurance policies have come a long way from their early 90s beginnings. While rumors still circulate that a cyber insurance policy isn’t worth the cost, this has never been more false. The cyber insurance policies of today provide comprehensive coverages for both first-party and third-party claims. This coverage can mean life or death for an organization that has suffered an attack.
What to do if this happens to you (hint: act fast):
- Identify the Source of the Breach
If a cyber attack is underway, it’s important to address and repair the source of the breach immediately to prevent further access and damages.
- Identify What Information Has Been Accessed
An IT forensic team will likely be needed to confirm what information was breached or improperly accessed. This can be a costly endeavor (along with stopping the source of the breach).
- Report the Incident to the Proper Authorities
It’s imperative that all cyber attacks and data breaches are reported to the proper channels to comply with the latest rules and regulations.
- Notify the Affected Individuals
Any clients or customers who may have had private or personal data exposure must be notified immediately. Transparency is key in order to regain their trust. A public relations firm and a call center are often needed to handle notifying each party.
- Provide Credit Protection for All Customers/Clients Involved
If customers or clients’ sensitive data is exposed, the business which suffered a data breach may be required to provide credit monitoring services to the affected parties.
- Rebuild Any Digital Asset Damage
A company’s website, intranet, network, or data may be compromised and damaged as a result of a cyber attack. Many organizations are unable to conduct business until these assets are repaired, recovered, or rebuilt.
The costs of a cyber threat add up quickly. The good news: With a cyber insurance policy, each of these steps will be covered and the insured will have the guidance of cyber experts through each phase of the recovery. Without this coverage, the business or organization is forced to pay for these expenses out of pocket, which can often force them to fold.
Get Protected With ProWriters
Your clients deserve the best available cyber insurance protection and ProWriters is here to help you provide just that. For more information on mitigating your clients’ cyber risk, download our FREE eBook, Creating a Comprehensive Cyber Risk Management Plan. Here, you’ll learn more about identifying your clients’ specific exposures, the top cyber security threats, and essentials for creating a cyber risk mitigation plan.
To get started today, register for our Cyber IQ Comparative Rate Portal to quote and compare multiple policies from multiple carriers in only minutes. Or, contact a ProWriters expert at (484) 321-2335 with any questions.