Cyber attacks have become a hot topic these days, not just in the world of insurance, but coverage both on and offline media.
In fact, cyber security became major news, with recent attacks on health services in Alberta and retail franchise target. More worrisome is the recent Bug heartbleed, which paralyzed the websites, including the Canada Revenue Agency and Yahoo.
This kind of cyber security problems have created a lot of panic among homeowners and commercial organizations. Fortunately, there is a way to protect yourself in case of a cyber attack. The following website provides information on cyber security measures you can take. For more information on the risk of a cyber attack, you can ask one of our insurance experts.
What is a cyber attack?
No doubt you've spent time surfing the net, maybe you bought a few things on eBay or Amazon. Maybe you signed up for a webinar or regularly participate in social networking sites like Facebook, Twitter or LinkedIn. Each of these operations can pose risks to cyber security for you as an individual and company or organization that you are interacting with.
A cyber attack can be as simple as transmitting a computer virus to another party, a violation of privacy policies or theft, corruption and destruction of data. A cyber attack can also consist of more sophisticated activities such as hacking or denial of service.
You are probably wondering how this happens so easily and frequently. Generally, in order to participate in most online activities, you need to share personal information such as your name, address, email, date of birth or credit card details. When the transaction occurs, and your information is collected and stored, there is a risk that the data may be exposed either through information theft by hackers, computer viruses or fraud.
For victims of a cyber attack, it can be a frightening experience and rape. The good news is that most companies getting their protection by implementing a more sophisticated security infrastructure available. These same companies are covering all bases by choosing to cover liability of cyber space. Traditional commercial insurance policies were originally designed to protect physical assets, not virtual property such as data. Cyber liability coverage, however, is a way to protect your business against cyber crime, cyber terrorism and cyber attacks are general.
Does my business need a cyber liability coverage?
In most cases, the short answer is a resound "YES!" If you collect and store personal information (whether for customers, patients, suppliers, etc.), then you should definitely consider a cyber liability coverage to protect you in case your data and online security systems compromised.
it is also important to note that there is not that big companies who are at risk of a cyber attack. Of course, it is generally highly publicized cyber security stories that end up making the headlines, but small businesses have also been attacked in recent years. For a visual representation of how a cyber attack can threaten your business or personal systems consult our helpful graphics.
For more information on cyber attacks or cyber liability, ask one of our insurance experts.
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