Cyber Attacks: A 24/7/365 Business

By: Brad Toone | April 20, 2021

For business owners, large and small, cyber criminals have placed a huge, red target on your back! They are coming fast and furious, every day, all day long, even on Christmas, trying to shut you down. Why? Because it’s profitable.

Cyber criminals have ramped up their game to shut down computer systems that contain personal identifiable information – names, birthdays, social security numbers, bank account details – data that can be sold on the dark web.  For larger companies, this could even include trade secrets that CEO’s cannot afford to have as public knowledge. By using ransomware, the crypto criminal can shut down a system and demand payment to “unlock” the system or not sell the data to those that would use this information to steal identities and do more damage.

While cyber hackers have traditionally gone after larger entities, they are now consistently attacking smaller businesses that do not have resources to keep the most current security systems in place. Criminals are happy to get multiple $5,000 paydays versus hitting the $500,000 jackpot.

So, what can you do? 

Obviously, business owners need to use IT professionals to protect their system as best they can. The next step is to work with an insurance professional to have cyber coverage in force with your commercial insurance package. Today’s cyber policy has been designed to respond to ransomware, phishing, social engineering, penalties/fees associated with attacks, and the cost of marketing to let your customers know their information is safe, and a variety of other issues associated with cyber-attacks.

The cost for a cyber incident is not cheap. The average ransom amount paid in 2020 was over $300,000, and the highest amount paid has been $10,000,000. If your business is attacked, could you afford to pay for this type of event with company funds? Your best and most economical way to protect your company and your company’s future is with cyber liability coverage. 

Hanford Insurance Agency’s commercial lines department can assist and answer your questions regarding Cyber Liability and many other questions you may have regarding your business package. Our agency has been a trusted advisor since 1855 with local offices in Geneseo, Port Byron, Erie, and Prophetstown, IL to be available when you need us. 

If you would like more information, please contact our main office at 309-944-5151.

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