​Do You Need Cyber Insurance?

Do You Need Cyber Insurance?

Cyber insurance is a way to protect businesses from cybercrime. With about half the world using the internet, there are more opportunities than ever for the wrong person to get ahold of your company's personal and financial details. Many people think of identity theft as purely monetary, but there are plenty of ways for a criminal to exploit information as well. From medical to insurance fraud, there are an infinite number of scams that someone may choose to commit. Learn more about how cybercrime works, and how you can find the right business insurance in Marlton, NJ.

Viruses and Malware 

Viruses today have become extremely sophisticated, and it’s easy for devices to get them. It can be as simple as going onto a public network or clicking on the wrong link. And since you can't monitor your employees all the time, there is no sure-fire way to prevent this. Once a device is infected, activity may be monitored — including any keystrokes a user may make. In other words, even if you have the best passwords in the world, that doesn't always mean you're safe. People can use the information to monitor your accounts, only acting when they hit a certain threshold. (If this isn't enough to convince you, then a few other examples will!) 

Social Engineering 

Social engineering is the act of getting information without having to physically hack into a system. Like viruses, it's remarkably sophisticated. You and your employees probably already know by now to reject an email if it's laced with all the tell-tale cornerstones of a scam. Misspelled words, odd punctuation, weird capitalized letters: it's easy to stay away from these emails. But what about when you get an email under a co-worker's name? A co-worker who was supposed to be sending you details about how you can finish up your end of a project? It's not always a matter of training — we're all liable to make the mistake if the email or instant message is masterfully designed. 

Cyber Insurance 

Cyber insurance covers you from the direct effects of cybercrime, but it can do more than this. It can also help you climb out from the residual effects of it as well, such as a loss of reputation amongst your customers. There's little doubt that extra education can help a company immensely when it comes to keeping their private details safe from prying eyes. But it's not always enough to invest in firewalls or additional coaching for employees. Cyber insurance is a dedicated resource that you can turn to in the event of a hack or a security breach. It can staunch the worst of its effects, halting the trouble in its tracks, while working to carefully mend the gaps from the fall-out. 

Who Needs Cyber Insurance? 

The truth is that every business needs cyber security insurance, whether they're a company of 1 or 1 million. Major hacks, like Target and T-Mobile, make the news more often, but small and medium-sized businesses are major targets for criminals as well. The good news is that cyber insurance is remarkably affordable for businesses in need. The key is to be aware of the effects of cybercrime and your own individual vulnerabilities. The right New Jersey business insurance can make it easier to protect your future assets.