Technology Insurance vs. Cyber Security Coverage October 14, 2019
In today’s business world, most companies are dependent on technology for some or all of their company’s operations. While this makes many new processes and services possible, it also leaves businesses vulnerable to a new realm of risk. Cyber crimes, computer crashes, and software malfunctions are just a few of the technological risks that modern companies now face. Since technological incidents can cost a business anything from a few minutes of inconvenience to millions of dollars, it’s essential for companies to have appropriate insurance coverage.
Enter technology insurance and cyber insurance. These two types of policies provide the protection businesses need to recover from technological disasters. Not only is their coverage important, but businesses need to know that these policies are not one in the same. They apply to different circumstances, and a company might need one policy or the other, or both. Here’s the scoop.
Technology Errors & Omissions (E&O) policies cover companies that provide technology services (such as data storage) and technology products (such as computer software). The terms of the policy are designed to provide protection for loss and liability. Such losses might be related to liability for media content, damages due to security breaches, or losses due to business interruption. It can also cover extortion threats and crisis management expenses. Technology insurance also typically pays for groundless liability claims and all associated investigations.
While Tech E&O policies are designed to protect technology providers, cyber insurance is intended to protect technology consumers (the company’s customers). It covers situations in which customers’ identities, credit cards, health records, or other sensitive information is compromised. The policy pays for any damages incurred.
Cyber insurance policies and technology insurance do have some overlap. Either policy may provide coverage if a business experiences a loss related to technology. Since many situations impact both the technology provider and the consumer, this overlap is inevitable. However, the specifics of each policy’s terms will determine which situations are covered and which are not included.
Who Needs Coverage?
Since most businesses rely on technology for at least a portion of their operations, some form of coverage is recommended for a majority of companies. Those that serve customers and store sensitive customer information should strongly consider a cyber insurance policy.
For high-tech and internet-based businesses, technology business insurance is recommended. Such companies would include IT businesses, website developers, internet service providers, and programmers. Additionally, those who rely heavily on technology solutions as part of their operations (intranet communications, customer e-mails, database management) may also want to add this coverage.
Does your business fall into any of these categories? Are you properly protected with insurance for the tech side of your operations?
If you’re not sure which policy would be right for you or are unsure about your current coverage, contact our office. Our agents would be happy to review your current policies and coverage options to make sure you are prepared for any technological incidents that may come your way.
Cyber Security for Businesses October 4, 2019
America thrives with small businesses in society. There are numerous opportunities for small businesses to fill needed niches within the industry. However, many small businesses may not have all the resources they need to have a strong cybersecurity posture. By implementing simple cybersecurity practices throughout the organizations, small business can safeguard their information and data for increased profits.
DID YOU KNOW?
- 44 percent of small businesses reported being the victim of a cyber attack, with an average cost of approximately $9,000 per attack.1
- Nearly 59 percent of U.S. small and medium-sized businesses do not have a contingency plan that outlines procedures for responding to and reporting data breach losses.2
- Make sure all of your organization’s computers are equipped with antivirus software and antispyware. This software should be updated regularly.
- Secure your Internet connection by using a firewall, encrypt information, and hide your Wi- Fi network.
- Establish security practices and policies to protect sensitive information.
- Educate employees about cyber threats and how to protect your organization’s data. Hold employees accountable to the Internet security policies and procedures.
- Require employees to use strong passwords and to change them often.
- Invest in data loss protection software, use encryption technologies to protect data in transit, and use two-factor authentication where possible.
- Protect all pages on your public-facing websites, not just the checkout and sign-up pages.
RESOURCES AVAILABLE TO YOU
The United States Computer Emergency Readiness Team (US-CERT) distributes bulletins and alerts for both technical and non-technical users, shares cybersecurity tips, and responds to incident, phishing, and vulnerabilities reports.
The U.S. Small Business Administration (SBA) helps Americans start, build, and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands, and Guam.
The U.S. Chamber of Commerce has an Internet Safety Toolkit that teaches employees how to help protect company information, customer data, and their own personal information.
SOURCE: Homeland Security – STOP. THINK. CONNECT.
1 2013 Small Business Technology Survey, National Small Business Association
2 www.staysafeonline.org/about-us/news/new-survey-shows-us-small-business-owners-not-concerned-aboutcybersecurity, 2013
Cyber Security for Travelers September 23, 2019
Cybersecurity should not be limited to the home, office, or classroom. It is important to practice safe online behavior and secure our Internet-enabled mobile devices whenever we travel, as well. The more we travel and access the Internet on the go, the more cyber risks we face. No one is exempt from the threat of cyber crime, at home or on the go, but you can follow these simple tips to stay safe online when traveling.
BEFORE YOU GO
- Update your mobile software. Treat your mobile device like your home or work computer. Keep your operating system software and apps updated, which will improve your device’s ability to defend against malware.
- Back up your information. Back up your contacts, photos, videos and other mobile device data with another device or cloud service.
- Keep it locked. Get into the habit of locking your device when you are not using it. Even if you only step away for a few minutes, that is enough time for someone to steal or destroy your information. Use strong PINs and passwords.
WHILE YOU ARE THERE
- Stop auto connecting. Disable remote connectivity and Bluetooth. Some devices will automatically seek and connect to available wireless networks. And Bluetooth enables your device to connect wirelessly with other devices, such as headphones or automobile infotainment systems. Disable these features so that you only connect to wireless and Bluetooth networks when you want to.
- Think before you connect. Before you connect to any public wireless hotspot – like on an airplane or in an airport, hotel, train/bus station or café – be sure to confirm the name of the network and exact login procedures with appropriate staff to ensure that the network is legitimate. Do not conduct sensitive activities, such as online shopping, banking, or sensitive work, using a public wireless network. Only use sites that begin with “https://” when online shopping or banking. Using your mobile network connection is generally more secure than using a public wireless network.
- Think before you click. Use caution when downloading or clicking on any unknown links. Delete emails that are suspicious or are from unknown sources. Review and understand the details of an application before installing.
- Guard your mobile device. To prevent theft and unauthorized access or loss of sensitive information, never leave your mobile devices–including any USB or external storage devices–unattended in a public place. Keep your devices secured in taxis, at airports, on airplanes, and in your hotel room.
SOURCE: Homeland Security – STOP. THINK. CONTENT.
Equifax Breach Settlement July 29, 2019
In September of 2017, Equifax announced a data breach that potentially impacted the personal information of approximately 147 million people. Recently, a settlement was reached with Equifax which includes up to $425 million in monetary relief to consumers and some civil penalties.
If you are unsure whether you or a member of your family were impacted by the breach, you can check on the Equifax website dedicated to this incident. Should you find that you were impacted by the breach, you can follow the process outlined on their site to receive access to free credit monitoring, potential cash restitution, and identity restoration services.
Hey, That’s My Stuff! How to Avoid Mover Scams July 3, 2019
4,100 consumers filed moving fraud complaints in 2017, according to the Federal Motor Carrier Safety Administration. How can you avoid negative experiences? Be aware of common scams, and take steps to protect yourself from these fraudulent activities.
Get it in writing: It might be tempting to get a quick quote and schedule your move over the phone. Don’t do it. This is one of the easiest ways to get scammed. Since you have nothing in writing, the movers can easily charge whatever they want once they begin, and they may hold your belongings hostage until you pay an outrageous amount. Always schedule an in-house walk-through to get an accurate quote, and get the agreed-to amount in writing.
Read the fine print: When you sign a contract with a mover, read all the fine print. Make sure you understand the terms of payment before you sign. Unscrupulous movers may include terms that allow them to hijack your belongings after demanding more money. If you’ve signed anything that allows for these practices, the police will be unable to intervene.
Vet the movers: Before you agree to work with a moving company, research its reputation. Contact the Better Business Bureau to check the company’s rating. Ask for recommendations from friends. Read online reviews. Ask movers for proof of registration, proof of insurance and an office address. Take the time to vet the mover, so you know you are working with someone you can trust.
Try a hybrid approach: Consider renting and driving the truck yourself, and hiring movers for loading and unloading only. This will keep your possessions under your control to prevent hijacking scams. (It can also reduce the cost of the move!)