Cyber-security Insurance
What is Cyber-Security Insurance?
Frequently Asked Questions about Ransomware and Cybersecurity Insurance
Cyber-security is the protection of internet-connected systems, including hardware, software and data, from cyber attacks. In a computing context, security comprises cyber-security and physical security -- both are used by businesses to protect against unauthorized access to data centers and other computerized systems.
The #1 Business Threat is Ransomware
What is ransomware and how can I defend against it?
Ransomware is a form of malware used by criminals to encrypt your data rendering it unusable. Since most businesses need their data and software to run their business, they are more likely to be willing to pay a ransom to the criminals to gain access to their data, that is of course, if you have no other option.
Ransomware has become an epidemic with attacks spreading exponentially, in part, because of the delivery system. These viruses are easily spread by email (when and employee clicks a link in an email). Furthermore, the malware and trojan virus ransom payments are being made via BITCOIN, which are untraceable.
Ransomware has become an epidemic with attacks spreading exponentially, in part, because of the delivery system. These viruses are easily spread by email (when and employee clicks a link in an email). Furthermore, the malware and trojan virus ransom payments are being made via BITCOIN, which are untraceable.
The Best Defense Against Ransomware Attacks
Implement the following 5 business practices to avoid ransomware.
- Backup your data - ideally into the cloud in real time. This can be supported by having a secured backup drive in the office - not connected to the network and therefore not exposed to malware.
- Anti-malware - firewall and anti-Adware software to better prevent phishing and trojan type attacks from reaching you and your employees.
- Education - No one in your office should click on ANY email links that are from unsolicited/unknown sources - The stakes are so high, consider enacting employee consequences if it should happen.
- Keep your computers updated with the latest patches - . 98% of all successful attacks occur from vulnerabilities that are more than six months old!
- Test your ability to restore from your backup - Unless you test the process, you are not ready to address the ransomware threat.
Work with your I.T. professional to make sure the above recommendations are in place and tested. There are too many instances where client backups didn’t work as intended, resulting in loss of data.
If you have a data breach, who do you call?
With a Cybersecurity Insurance plan from Kelly Lee Insurance you simply contact the identity fraud insurance services department immediately. They will activate your program and benefit options. While our preferred vendor has the capacity to handle the largest known breach cases (100 million records or more), their ability to respond personally to small business breach cases is unrivaled.
Are my employees covered? What type of employee details do you need?
Depending on your program selection - yes, full time employees are included. They have an automatic identity protection employee benefit that includes $15,000 of identity insurance and unlimited fraud victim resolution services. This excellent employee benefit may justify your purchase all by itself. We do not need any personal details in advance to provide protection benefits, rather employees simply need to call when an incident occurs and reference their employer. And, of course, we will need evidence of their full-time employment before paying any claims.
How are your programs made so affordable?
Each program is very affordable or “optimized” primarily due to:
1) Providers proprietary online platform, insurance infrastructure and professional insurance licenses that allow them to optimize delivery in all states,
2) Over 20 years of dedicated identity crime risk management and original product development,
3) Providing comprehensive protection in a single "optimized" package, allowing for maximum cost savings. Customized options and volume discounts are also available.
When I make my purchase, will I be compliant with privacy laws?
There are many aspects to compliance and different state, federal and industry specific compliance obligations. However, the tools we provide can help lead you to becoming compliant. For example, assessments, written policies, online education, incident response / consumer notification, victim assistance and access to technology like internal vulnerability scans, can each play an important role. Having three types of specialized data theft insurance in place is simply smart, but not currently a legal requirement. However, some states and many contractual provisions are now mandating that companies have cyber insurance as part of best practices.
Are we required to complete the security assessment / protocol provided for insurance to apply?
Every business has an incentive to mitigate risks to better avoid the prospects of a devastating loss. While we encourage immediate use of the tools provided in the Information Security Module, they are not mandatory for insurance. However, in some cases, it is mandated by state law and/or industry requirements.
Do you provide information technology services?
Yes, but not usually directly. Rather, we have partners that provide I.T. services for a fee. Computer security and properly managing information technology is complex and critical. We strongly encourage having an I.T. professional accessible to build, maintain and monitor this dynamic area. In our opinion, the risks and complexities are simply too vast to ignore the services of a specialist. Seek a local specialist or contact our team for more details.
When does the insurance coverage take effect?
Our programs provide specialized types of insurance that become effective following your successful application and transaction online. While the coverage may be immediate, they do not cover claims or incidents that occurred prior to activation. Each policy has its own terms, conditions and exclusions that should be reviewed before you purchase (see our customer agreement for details) or immediately following your transaction. We provide additional insurance related FAQs in our Customer Center and encourage you to speak with your insurance professional and/or have your broker contact us.