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Small to Medium-sized Businesses are Under Threat of Cyber Attack

Cyber attacks have surged this year with over 12,000 incidents reported between January and May 2022 alone. Small to Medium-sized Businesses (“SMEs”) are especially vulnerable to these growingly sophisticated attacks as they typically lack the resources to maintain a robust cyber security posture. Cyber attackers are aware of this

Cyber Insurance Has a Big Problem

Cyber Threats are now Global in Scale By all accounts, the geopolitical landscape of the early 2020s is more unstable and less predictable than at any other point in near history. The Russo-Ukraine conflict, trade war with China, and after-effects of a global pandemic all contribute to an increasingly precarious

State of Cybersecurity Report 2022: Names Ransomware as the biggest threat for businesses

The Threat and Severity of Cyber Attack has Increased as Technology Evolves Over the last several years, changing technology has improved the quality and efficiency of our lives, both online and offline. Some recently introduced “online” technologies include artificial intelligence integrations to websites, cryptocurrency, and comprehensive cloud computing. These technologies

Cyber risk is increasing for businesses

The Threat and Severity of Cyber Attack has Increased as Technology Evolves Over the last several years, changing technology has improved the quality and efficiency of our lives, both online and offline. Some recently introduced “online” technologies include artificial intelligence integration to websites, cryptocurrency, and comprehensive cloud computing. These technologies

Avoiding Social Engineering and Phishing Attacks

How to avoid a social engineering and phishing attack? Social engineering is a specific kind of cyber security attack where the attacker relies on human interaction to gain access to an organization’s sensitive information or infrastructure with the intention of doing harm from within. The attacker may appear friendly

What to consider when shopping for Cyber Insurance

The average cost of a cyber attack jumped to a record high of $4.52 million per incident in 2021. While security protocols and procedures remain important, a comprehensive cyber insurance policy for your business is still the safest and most reliable way to fully mitigate financial loss from a

The Future of Cyber Insurance

Over the last several years, cyber attacks have grown both in scale and complexity with global ransomware incidents alone increasing by a record 105% in 2021. As more businesses move online and cyber attackers become more sophisticated, we anticipate that the incident rate will continue to

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Mitigating malware and ransomware attacks

How to defend organizations against malware or ransomware attacks Cyber insurance offers by far the best protection against malware attacks. GetCyber’s offerings can save business owners over 99% of the potential losses from a ransomware attack. In addition to obtaining sufficient cyber coverage, several steps can be taken to

Ransomware and cyber insurance: What are the risks?

High-profile ransomware events are becoming an increasingly common occurrence for all businesses. Last month, President Joe Biden warned again that Russia might be preparing to wage cyberattacks against the United States in retaliation for the U.S. and its NATO allies’ economic sanctions against Moscow. As large-scale attacks continue to

Google Chrome update urgently required for billions of users after security flaw discovered

The US Cybersecurity and Infrastructure Security Agency (CISA) has issued a warning regarding an active zero-day vulnerability in Google’s Chrome browser. A zero-day vulnerability is a system or device flaw that has been disclosed but is not patched. As they are discovered before security researchers and software developers become

What is Cyber Extortion?

Cyber Extortion occurs when someone holds business operations hostage and demands a ransom. It is a form of crime, and it is becoming extremely common to the point of being one of the main drivers of cyber insurance claims. There are two main types of cyber extortion, ransomware and DDoS

Precaution, Protection, Remediation — The Small Business Owner’s approach to CyberSecurity

Here’s the deal: there is no business too small to interest cyber thieves. Sadly, your business is at risk if you have even a single computer connected to the internet. According to a recent SBA survey, 88% of small business owners suspect their business is vulnerable to a cyber

Business Interruption & Contingent Business interruption

What is this coverage? In our digital age, businesses can be knocked offline for weeks in the event they suffer a cyber attack. Considering the combined losses of unearned revenue and continued expenses (e.g. payroll), it should be no surprise that many businesses go bankrupt after serious cyber events.

Bricking

Bricking coverage indemnifies the insured for hardware rendered unusable due to a cyber event. When hardware is corrupted to the point that it no longer functions, it is commonly referred to as a “brick” . There are a variety of things that can turn hardware into a “brick”, one of the

PCI Liability

What are the PCI / DSS standards? The Payment Card Industry (PCI) Data Security Standards (DSS) are a set of security rules and practices governing payment account data. They were established in 2006 by major payment processors (including MasterCard, Visa, and American Express) to protect their users’ payment data and prevent

Regulatory Liability

Organizations face a plethora of regulations regarding IT and data storage practices. In a constantly changing regulatory environment, it is often difficult for organizations to keep up with new guidelines. When regulators find that organizations have violated one of these rules, they can assess large fees that can severely impact

Network Security and Privacy Liability

Network Security and Privacy Liability Storing electronic data allows an organization to keep a detailed record of its interactions with customers and employees. This enables businesses to provide important value-added services that build long term customer relationships. All data, even if securely stored, runs the risk of being compromised. A

Invoice Manipulation Coverage

Invoice Manipulation occurs when fraudulent payment instructions are sent to a third party as a direct result of a security or a data breach. To catch these incidents, organizations have to scrupulously monitor their transactions, which is a major investment of both time and resources. Even organizations with extensive supervision