What is Cyber Security Insurance – Social Engineering, Ransomware, & Cybercrime Coverages (part 3 of 3)

Ransomware attacks accounted for over 4o% of all filed cyber insurance claims in the first half of 2020, according to a report by Coalition. Over 43% of cyberattacks are geared toward small businesses and a 1-person company. In today’s economy, cyber threats and losses are a matter of “when,” not “if.” Most of the attacks are phishing emails and ransomware. Hackers are trying to get you any way possible and they will keep trying til they hit the jackpot and you’ve now lost every thing you worked hard for.

Keeping this in mind, you need to ensure not only you have cyber insurance as a part of your financial risk management portfolio but also look for a cyber policy that is comprehensive and has 1st party, 3rd party cyber liability along with cybercrime coverages – such as, ransomware, social engineering, wire fraud, invoice manipulation, telecommunication theft, etc.

We have previously shared what a comprehensive cyber policy looks like with 1st party cyber coverages and 3rd party cyber liability coverages in a cyber policy.

Let’s educate ourselves on what cyber crime coverages you should be looking for in your cyber insurance policy:

Some insurers may provide these coverages as an endorsement OR they may provide within the policy as a sublimate or a full limit under the policy.

Cybersecurity industry is changing so fast and it is the responsibility of the cyber insurance companies to constantly monitor, study, and update the coverages offers when they are leaders in the cyber insurance industry.

Be sure to look for these cybercrime coverages as a part of your cyber insurance policy! This is where BlackFire’s expertise come in.  We will make sure you have the critical cyber coverages so your business does not shut down when you are attacked and you have the support you need to get thru ever-growing cyber perils.