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The COVID 19 pandemic has caused many changes to the way businesses, governments and individuals operate, and introduced a wide spectrum of new challenges and risks. This is especially true as more companies operate remotely and workers do their jobs from home.
October is designated as “Cyber Security Month”. Just about any organization or individual that uses technology to conduct business faces cyber security issues. These include:
*Scams involving false requests for donations, personal information, bill collection, investment opportunities;
* Computer System breach resulting in the theft of identity;
* Hacking of cell phone data and social media platforms;
* Ransomware demands, Malware attacks, Phishing email scams.
Unfortunately, successful cyber security crimes are growing exponentially (more than doubling over the last ten years) and can result in lost business revue, loss of customers, expensive data recovery costs, litigation and possible government censure. Any business or individual who accepts credit cards or digital payments or keeps medical, legal or financial data for themselves or others is a target for cyber crime.
Cyber Security Insurance is becoming more sophisticated and can be one answer to preventing and remedying these risks. Coverages available include but are not limited to:
-Breach costs i.e. forensic identification of data stolen;
-Cyber Extortion i.e. identifying anonymous currencies;
-Cyber Crime such as “Social Engineering” and funds transfer fraud;
-Data Recovery Expense.
More and more of the major insurance carriers LFG represents such as Travelers and The Hartford offer comprehensive Cyber Security Insurance Programs that can be tailored for an organization or business’s exact needs. Act now to protect yourself and your customers from loss.
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