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Cyber Security Insurance and Cyber Security

December 17, 2014

There are many reasons why you should care about Cyber Security Insurance and Cyber Security.

According to some Bureau of Justice Statistics, Cyber-attacks identify as “crimes in which the computer system is the target.”  They can manifest themselves through viruses, denial of service attacks, electronic vandalism, sabotage, data theft, and more.

Look out for things online like hacking, adware, spyware, phishing, pinging, port scanning, and other theft of information, regardless of whether or not the attempts were successful.  Even unsuccessful attempts classify as computer security incidents in the eyes of the law.

One widespread, dangerous trend of cybercrime is Identity Theft. According to other published statistics by the Bureau of Justice Statistics confirmed that in 2012, 16.6 million people experienced some kind of identity theft.

Identity Theft is classified as unauthorized use of existing accounts, unauthorized use of personal information to open accounts, and misuse of stolen personal information for fraudulent purposes.  When a client’s data is stolen, the damage done to the client may be even more severe than the damage done to the business the information was stolen from.  Keep that in mind as your organization decides whether or not cyber security insurance is a necessity.

It should be obvious how these things impact a business, especially one that thrives through internet marketing.

The FBI maintains that they will be “meeting cyber challenges head on and imposing consequences on those who victimize the American people through the misuse of computers and networks.”

If your insurance policy already has small provisions within it for “data-theft,” please keep a few things in mind.

1)   Often, these policies state that the only thing actually covered is damaged “tangible properties.” Meaning stolen data would not apply, only the hard drives the data is located within.

2)  Losing your data or being hacked may not be included as a covered occurrence.

3)  Most commercial insurance policies will only feature small limits (maybe $10-50k) and it may only cover data stolen from the customer, and not cover expenses for first-party expenses, like hiring a firm to reformat your servers and attempt to salvage data.

Cyber Liability and Cyber Security Insurance are not required by law yet, mainly because vendors have not implemented cyber liability insurance requirements into their agreements and vendor contracts.  As businesses get more in touch with the times and as cybercrime becomes more prevalent and widespread, more companies will require it, and eventually it may even be required by law.  Protect yourself now with this valuable insurance, and give your clientele and associates peace of mind, even if cybercrime strikes your home-turf.

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