Wire Fraud and Social Engineering are Real Threats.
How Real is Wire Fraud and Social Engineering
Have you ever had a long-lost friend sending you an emergency email asking for help for $500 as he has been kidnapped in a city you never heard of?
How about if this email is from your boss? What if the email has his picture, video and signature asking you to wire transfer to a vendor?
Wire Fraud and Social Engineering are getting more sophisticated each day. A funds transfer request sent to a company's controller by someone pretending to be the CEO is getting harder and harder to detect.
Unfortunately, the funds may be out the door, but at least you're not out of pocket. Consider our cyber insurance. You will be covered on the costs, restore your data, get you up and running again, either by a specialist to a data recovery or pay the extortion. The insurance company will look into your case and help your recovery.
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With data available online, many have their digital footprint all over the internet. Think about our Facebook, Linkedin, Instagram profiles. It is easy for someone to know where about, whom you interact with, which pub you go to and more. It is no surprise that anyone may dig out more information from the internet about oneself than they knew nowadays. Anyone unfortunate to be a target may find themselves exposed and devastating. It may take years before one's information could remove from the internet once it is online, and may cause severe financial harm to an organization.
Consider our cybersecurity & insurance package to keep your business safe. The solution is considered the best in the industry for a company to handle cyber risk. We offer comprehensive insurance policy coverage, complimentary cybersecurity tools to keep track and safeguard your business, with 24/7 professional incident response to help you quickly react to a cyber incident.
As we found existing cyber insurance coverage lacking in some areas, so we work with the best provider to create one. Our insurance covers more of the financial, tangible, and intangible exposures your business faces than any other insurance company. We have state of the art cybersecurity platform that comes with 24/7 tracking, automated security alerts, staff training, and access to security experts to prevent cyber incidents before they occur. As for cyber insurance, we protect the value of your entire business, including financial, intangible and tangible damage, with up to 20 Million of the most comprehensive cyber insurance.
We provide a complete suite of security applications. The package will including 24/7 safety tracking, automated risk and intelligence alerts, security benchmarking, DDoS mitigation, Ransomware security defence, staff member training, software patch update reminders to your organization and more, all included with the insurance policy package at no additional cost.
Having an insurance policy is to prepare for the worst case scenario when you needed most. Our solution comes with a committed 24/7 emergency response and a claims group to help you to respond to an incident swiftly. Our emergency first response team has thousands of organizations relying on them.
Our comprehensive solution?
Please take a look at our coverage for 3rd party.
- We cover the cost to defend you and any damages resulting from your liability to a 3rd party (Network & Information Security Liability).
- Any regulatory fines & penalties, multimedia wrongful acts (such as infringement, defamation, piracy, etc.) are covered.
- Payment Card Industry fines & assessments resulting from a failure in your security, data breach, or privacy violation
- When you have a security breach that results in physical damage or injury to a 3rd party, the insurer will pay the costs of defence and damages
In the event of security breaches (i.e. cyber attack), we'll cover losses resulting from bodily injury.
Should there be damage/impairment to your tangible property, as well as damages resulting from any liability to a 3rd party, including regulatory fines & penalties and pollution, be assured the insurer will protect your business.
The insurer will
- Pay the costs to replace your computer systems that are permanently affected by malware.
- Any funds transfer losses you incur from a breach in your security or social engineering.
- Pay additional amounts you're billed by a cloud or telephone provider for fraudulent charges.
- Pay for replacement, restore, or recreate digital assets damaged or lost following a security failure.
- Cover any financial losses due to negligence in security, data breach or systems failure (including contingent/dependent Business Income), as well as the extra expenses you incur to bring your company back online.
- Cover any costs on extortion incident, including money, securities, and even virtual currencies paid.
- Pay for the prices to respond in a data breach, including 3rd party incident response and public relations experts, customer notification costs and credit monitoring, media purchases, legal fees, and advice regarding the incident.
A small business owner policy (BOP) could consist of a couple of coverages pack. The adhering to are the eight most common insurance policy coverage types that an entrepreneur must recognize.
|Commercial General Liability||This coverage protects if bodily injury, property damages, injury or advertising injury incur with your business.|
|Business Interruption||Have this coverage part of small business owner insurance to defence when business earnings and extra expenditure is at risk.|
|Product Liability,||Secure against a business when found responsible for an issue with one of the items they offer.|
|Professional Liability,||If a business gives professional guidance or provides a professional opinion, it should probably carry professional liability insurance.|
|Cyber Insurance,||Secure against Internet Crime, hackers or breach of data|
|Equipment Breakdown||Defence against tools or equipment breakdown. (It can be a furnace or machine) when it requires time and money for a replacement.|
|Commercial Property||Secure against your property or stocks|
|Commercial Auto||Bundling a small business owner package (BOP) to with business use vehicle including transport of cargo|
And other coverage
Employment Practices Liability
Electronic Data and Equipment
Valuable Papers and Records
Job site Short-Term Pollution from Pollutants
Blanket Insurance on valuable property
Limited Property of Others Liability
Over time, businesses may have an increasing need for insurance coverage as their business grows. Always take time to review your insurance and fill in gaps as the situation changes.
As an insurance broker, we'll help small business owners to decide what is needed and the best fit for their insurance.
If you take online orders, store sensitive information on the computer, you need proper cybercrime protection. See this section about cyber insurance