Keep Your Business Safe Online During Holidays with Cyber Insurance

According to a recent study, a cyber-attack is 57% more likely to happen during the holidays.  Even though Black Friday and Cyber Monday are over, there is still a huge risk.  In fact, in 2017 the biggest increases in attacks occurred in the week following Christmas Day, when consumers take advantage of post-holiday shopping deals.  And with up to 90% of businesses lacking protection, it’s important to know the importance of coverage and what can do to protect yourself.

What Is Cyber Liability Insurance?

Cyber liability insurance provides protection in the event of a cyberattack or data breach. It helps cover the costs associated with data loss, hacking attempts, network outages, and more. For businesses, especially those operating online, it’s crucial to have this coverage to safeguard sensitive customer data and avoid hefty financial repercussions.

Key Benefits of Cyber Liability Insurance:

• Covers legal fees and expenses related to data breaches.
• Provides financial protection against ransomware and malware attacks.
• Covers customer notification and credit monitoring costs in case of a breach.
• Helps restore operations after a cyberattack or network breach

To reduce the risk of civil litigation and other penalties when a data loss or theft occurs, a cyber liability or data breach insurance policy can provide access to professional assistance to help businesses comply with applicable laws and regulations.

Why Cyber Threats Increase During the Holidays

Cybercriminals often increase their attacks during the holiday season for several reasons:

Higher Online Transactions: With more consumers shopping online during the holidays, businesses process increased volumes of transactions. This makes them an attractive target for hackers aiming to steal payment information or customer data.

Remote Work Vulnerabilities: Many employees are working remotely during the holiday season, which can expose company networks to security vulnerabilities if proper security measures are not in place.

Holiday Scams and Phishing: Cybercriminals exploit the busy holiday season by launching phishing campaigns disguised as holiday promotions, making it easier for them to trick employees or customers into disclosing sensitive information.Increased Network Traffic: As businesses ramp up online operations, their networks become busier, and hackers take advantage of this added strain to exploit weaknesses.

What should you do if a data breach occurs?

Cyber liability insurance is an important safeguard, but there are also proactive steps you can take to prevent attacks:

1. Implement Strong Security Measures

Ensure that your network security is up-to-date with firewalls, antivirus software, and encryption tools.

2. Educate Employees on Cybersecurity

Train your employees to recognize phishing emails and other common cyberattack tactics. Regular awareness programs can reduce the chances of human error causing a breach.

3. Use Multi-Factor Authentication

Enable multi-factor authentication (MFA) on all accounts, especially for access to sensitive business data and financial systems.

4. Monitor Network Activity

Keep an eye on your business’s network for any unusual activity. Monitoring tools can help detect a cyberattack before it causes significant damage.

5. Backup Critical Data

Regularly back up important files and data to an external server or cloud-based system. In the event of a ransomware attack, you’ll be able to restore your data without paying a ransom.

How Cyber Liability Insurance Can Help Protect Your Business

Cyber liability insurance is designed to help businesses recover from the financial aftermath of a cyberattack. Here’s how it can protect you

Data Breach Coverage:

If hackers access your customer data, cyber liability insurance can cover the costs of notifying affected individuals, offering credit monitoring services, and addressing any legal claims that arise.

Ransomware Coverage:

Cyber liability insurance can help pay for ransom payments and the cost of restoring your systems after a ransomware attack.

Business interruption coverage:

In the event of a cyberattack that disrupts your operations, this insurance can compensate for lost revenue and help you get back up and running.

Legal Defense and Settlements:

If your business faces lawsuits due to a data breach or cyberattack, your insurance policy can help cover legal expenses and settlement costs.

In addition to the cyber insurance, there are ways you can proactively protect yourself. Employee training on proper internet and email practices, purchasing software to scan your hard drive to present and protect a breach, having privacy and network policies and procedures, as well as developing a data breach response plan.

Why Choose Us for Cyber Liability Insurance?

At 4PIN, we specialize in helping businesses of all sizes secure the right cyber liability coverage. Our team of experts works with you to evaluate your risks and find the best insurance policy tailored to your specific needs. With the increasing threats online, having the right coverage in place is more important than ever.

Are you ready to protect your business from cyber threats this holiday season? Contact us today to learn more about cyber liability insurance and get a personalized quote!