Cyber risk and cloud computing is a topic that keeps evolving. In a recent study, 40% of companies thought they did not need cyber liability insurance. Many thought cyber liability was covered under their business insurance policy. And others thought that if they used the cloud to store client’s information that they had no risk.
How Cloud Computing Will Change The Cyber Risk Landscape
There is no question that cloud computing changes the cyber risk landscape. But using the cloud does not reduce your risk. In fact, using the cloud may increase your risk. As more firms use the cloud, cybercriminals will increase their efforts to break in, as there is more information for them to steal. Your risk will vary depending on the platform your firm uses. One benefit is that your business may require less in house technology which will reduce operating costs.
Cyber Risks Are Growing
Russian hackers recently stole over 2 billion online names and passwords. Home Depot had millions of customer credit cards stolen. A local restaurant recently had 1200 customer credit card numbers stolen, and finally, a medical clinic had a laptop stolen that contained 5,000 patient’s names and confidential information. Every company is at risk for cyber theft and loss.
Cyber Insurance
We can provide your firm with the right combination of pricing and coverage. Cyber risk insurance is available at very reasonable premiums. Many of our companies offer coverage to help protect your business from loss.
Cyber Risk Prevention for Small Business
Here are some of the latest prevention trends from computer *experts:
- Outsource credit card handling with a reputable vendor.
- Use more complex passwords with a combination of letters, numbers and symbols. Here is an example (MP#09xT28S%).
- Don’t save passwords on your computer.
- Question your internet security at every level, including email. It may be time to encrypt all emails.
- Use the latest security software.
- Do not allow laptops to leave the office without proper security.
- Train your employees on cybersecurity.
- Do not use an open network.
*Source PC360.com
If you have a standard business policy you may not have the right kind of coverage. Let us work with you to provide the right coverage. Cyber liability coverage (for data breaches) has evolved from just insurance for information technology companies to coverage that nearly every kind of business should have – if they don’t already.
You might be able to pay less for your insurance premium and not even know it. So it pays to connect with us to review your insurance needs. Allen & Furr Insurance, is an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.