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Why does my company need cybersecurity insurance?

Why do I need cyber security?

Cybersecurity insurance, also called cyber liability insurance or cyber insurance, is an insurance policy that any entity can purchase to protect against data breaches. The name is slightly misleading as cyber insurance does not apply solely to technological breaches. Cyber insurance does offer some protection of the loss of third-party data, such as customers’ credit card data and other personal information, and, whether you are the business or the customer, you will want to ensure that data is safe. 

In a day and age when we have become ever reliant on the internet, especially during a global pandemic, it is best to be protected. We have come to rely on email for communication with so many different people including your great aunt in Seattle and your doctor’s office down the street. We rely on Venmo for that $5.00 coffee Sara in Accounting spotted you, and now we can simply show our phone to pay at the grocery store. Credit card companies send pre-approval for credit cards in the mail weekly, and this information can be personal. For companies, large and small alike, that means cyber insurance can be essential to your business, and it’s very important to connect with your insurance agent to get their thoughts on why cyber insurance is essential for any business.  

It’s also important for individuals to understand how data breaches happen, both virtually and physically, despite the existing protections businesses currently have in place. This information can also help you identify if you need to add additional layers of protection 

  1. Pay attention to your emails. If you do not recognize who an email is from, do not automatically open this email. Most definitely do not mindlessly click any hyperlinks in this email! This is a trick known as phishing. Before you know it, you have clicked a button and re-entered your email address and password for Amazon that was not actually Amazon.  
  2. Change your passwords often. It can become annoying to constantly remember a new password, but that slight annoyance can be fixed by keeping a notebook with a password log or utilize a password protection app on your phone or computer. (Make sure you keep this notebook in a secure location!) 
  3. Do not use one password for every single account. As tempting as convenience is, challenging your memory with different passwords helps prevent someone from hacking your entire life with one email. 
  4. Use paper shredders or a paper shredding service for physical copies of information especially your mail! 
  5. Invest in a safe or lockbox to store your own personal information! 
  6. Furnish your office space with lockable filing cabinets to protect clients’ information and employees’ information. 
  7. Use a VPN. A VPN creates a more secure connection between you and the internet. Your IP address is no longer visible to just anyone, and the tunnel connecting you and the internet will be encrypted making it harder to breach. 
  8. Make sure all employees are aware of industry-standard compliances such as Payment Card Industry Standards or HIPPA rules and regulations. 

At Worthy, we believe in the importance of protecting yourself, your company, and your clients. We are glad to discuss adding a cyber liability policy to your policy. Just call us and ask!  

 

Interested in learning more? Please email us at hello@worthyinsurance.com or call 773-945-6000

Worthy Insurance is a niche broker with a focus on providing insurance placement and risk management services to the Healthcare, Manufacturing, Social Service, and Main Street business communities. Here at Worthy Insurance, we love to provide you with exciting and fun articles to learn more about insurance and how it impacts your life. Visit our other blogs to find more information.

While Worthy does offer a wide variety of insurance coverages, our main coverages include: property coverageworker’s compensation insurancegeneral liabilityprofessional liability, and cybersecurity coverage. To find out the best coverages for your company, use the contact form below so you can be at ease knowing your company is covered.