It seems that nowadays every time you check the news something major has happened relating to cybercrimes. This year alone we have experienced a multitude of hacks, such as that of T-Mobile in February, the Facebook data breach in April, and the recent breach of Robinhood a few weeks ago. With all these major cyberattacks going on, it looks like even the largest of companies can easily fall prey to hackers.
According to data published by Cybersecurity-magazine, approximately 43% of all data breaches occur in medium or small-sized businesses. Furthermore, a survey by CISCO, a technology company based in Silicon Valley, found that 40% of businesses that had experienced a cyberattack experienced a minimum of 8 hours of downtime. Despite this, data shows that 91% of small and medium businesses have not protected themselves through the purchase of a cyber liability insurance policy, and 52% of small and medium businesses do not have a cybersecurity expert in-house.
What Are The Most Common Types of Cyberattacks?
Below we will explore the most common types of ransomware attacks, how they can affect your business, and how a Cyber Liability policy can help protect you.
A computer virus is a type of malware that inserts itself into other programs in order to replicate itself. The goal of these viruses is to spread from computer to computer and to "infect" as many as possible. These viruses can spread through computer networks or malicious links.
A Trojan is a type of malware that misleads users of its true intent. The Trojan malware disguises itself as a harmless program and is a fake version of an application. It could also be malware that comes attached to an application, resulting in one's computer being breached.
Ransomware is a type of malware that enters one's computer system and encrypts all the information and then asks the user for a payment in return for the information.
Spyware is a type of malware that installs itself in one's computer and monitors one's actions and information. These programs can record one's personal information and send them to other parties very efficiently.
Phishing is a type of scam where deceptive messages are sent (usually pretending to be official messages from a large organization). These deceptive messages often contain some type of malware, such as those previously mentioned.
How Can A Cyber Liability Policy Protect You?
A Cyber Liability policy can protect you in many ways. The policy can cover the costs of notifying customers that there has been a data breach, which is oftentimes mandatory. Coverage within the policy can also cover the years of surveillance and monitoring services that are needed by the affected customers. A cybersecurity policy can help cover the costs related to legal issues resulting from the data breach, such as legal fees and fines. The insurance policy can also help cover the costs related to investigating, analyzing, and fixing the issue that resulted in the security flaw. Also, the policy can help cover the revenue that was lost during the time that the cyber attack shut down a business’ operations.
If you would like to know more about a cyber liability policy, the different types, and how to obtain one, click here!