October is Cyber Security Awareness Month, so I thought I would share a true cyberattack story from my client. A few years ago, I received a call from my client. He is a doctor who owns his practice. The call went something like this:
One of his employees unknowingly downloaded ransomware, and the office computer system that held all of this client information was held at ransom. The criminals told him that he had 24 hours to send them $15,000 of bitcoin, or his data would be erased! He felt that he had no choice but to fulfill their demands. After sending them the bitcoin, their software was released back to them. Was this ransomware attack costing them $15,000 covered by their commercial insurance?
Unless your insurance policy includes Cyber Liability, this kind of attack is likely not covered. According to Cost of Insider Threats: Global Report 2020 from IBM Security, these incidents which involve a negligent employee can average over $300,000. This is the most common type of experience and requires the least effort for the cyber-criminal. The cost of each incident does vary depending on the size of the company and its assets, but these types of crimes affect organizations of every industry and size.
Cyber Liability insurance is the best way to protect your business from cyber-attacks. It can save you thousands of dollars and help ensure the stability of your business.
Contact us or get a Cyber Liability quote now.