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The Cyber Insurance Agency along with our insurance and cybersecurity partners can help your organization assess your cyber security and policy measures to help protect your organization from potential harm. Contact the Cyber Insurance Agency today
Ransomware attacks, where cybercriminals encrypt data and demand a ransom for its release, have been a significant threat. According to a report by Bitdefender, ransomware attacks increased by 715% in 2020 compared to the previous year.
Data breaches continue to be a major concern, with significant consequences for organizations and individuals. The Identity Theft Resource Center reported 1,108 data breaches in the U.S. alone in 2020, exposing over 300 million records.
Phishing attacks, where malicious actors trick individuals into revealing sensitive information, remain a prevalent threat. According to the 2021 Verizon Data Breach Investigations Report, 36% of data breaches involved phishing.
Pretexting involves creating a false pretext or scenario to gain someone's trust and extract sensitive information. For example, an attacker might impersonate a co-worker, IT support personnel, or a vendor and use this false identity to deceive the target into revealing confidential information or granting unauthorized access.
Baiting attacks lure individuals into taking a specific action by offering something enticing or appealing. This could include leaving infected USB drives in public places, disguising malware as free software downloads, or enticing users with fake rewards or prizes. Once the bait is taken, the attacker gains access to the system or data.
Pharming involves manipulating the Domain Name System (DNS) to redirect users to fraudulent websites that mimic legitimate ones. This is done to collect sensitive information such as login credentials or credit card details. Users are unaware that they are interacting with a malicious site, as the URL appears legitimate.
Impersonation attacks involve posing as a trusted individual or authority figure, such as a CEO, government official, or technical support representative, to manipulate victims into taking specific actions. This could include transferring funds, sharing sensitive information, or providing access to systems or networks.
Malware, including viruses, worms, and trojans, pose significant risks to systems and networks. In 2020, the AV-TEST Institute registered over 350,000 new malicious programs daily, with over 129 million new malware samples discovered.
With the growing adoption of IoT devices, security vulnerabilities have increased. In a study conducted by Positive Technologies, 98% of tested IoT devices were found to have at least one security vulnerability.
Insider threats, where employees or insiders compromise security intentionally or unintentionally, continue to be a concern. The Ponemon Institute's 2020 Cost of Insider Threats report found that insider threats cost organizations an average of $11.45 million annually.
The demand for cybersecurity professionals has outpaced the availability of skilled talent. According to the (ISC)² Cybersecurity Workforce Study, there was a global shortage of almost 3.12 million cybersecurity professionals in 2020.
Cyberattacks can lead to significant financial losses, including data breaches, ransom payments, and costs associated with recovering from an attack. Cyber insurance can help cover these expenses, mitigating the financial impact on your organization or personal finances.
If you handle sensitive customer information or personal data, you have a legal responsibility to protect it. In case of a data breach, you may face legal claims and regulatory fines. Cyber insurance can help cover legal defense costs and potential settlements.
A cyber incident can disrupt your business operations, leading to lost revenue and additional expenses while you recover. Cyber insurance may provide coverage for business interruption, helping you get back on track faster.
Cyber insurance may cover the costs of public relations and communication efforts to restore your reputation after a cyber incident. Managing the public perception of your organization's response can be critical to maintain customer trust.
Cyber insurance typically covers a broad range of cyber risks, including data breaches, ransomware attacks, cyber extortion, social engineering fraud, and more. This comprehensive coverage ensures you are protected against various cyber threats.
If a cyber incident affects third parties, such as customers or business partners, they might hold you responsible for the damages. Cyber insurance can provide liability coverage for such situations.
Cyber insurance policies often include access to incident response experts who can help you navigate through the aftermath of an attack, investigate the breach, and guide you on mitigating future risks.
Some industries have specific data protection and cybersecurity regulations that organizations must adhere to. Cyber insurance can help you meet these compliance requirements and demonstrate a commitment to risk management.
Small businesses are increasingly becoming targets for cybercriminals. Cyber insurance can offer protection to smaller organizations that might lack the resources for robust cybersecurity measures.
Knowing that you have cyber insurance coverage can provide peace of mind, allowing you to focus on your core business activities without constantly worrying about the financial repercussions of a cyber incident.
Fill out the form with any questions you have about finding the coverage that's right for you!
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