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Protecting Your Clients: The Power of Cyber Insurance

Keith Savino, National Cyber Practice Leader for PCF Insurance Services, shares the growing importance of cyber insurance and the impact in can make for your business.

The frequency and impact of cyberattacks are escalating at an alarming rate in today’s modern world. According to Cybersecurity Ventures, a business falls victim to a ransomware attack every 11 seconds. Not only is the number of attacks on the rise, but the financial repercussions for compromised companies are skyrocketing. IBM reports that the average cost of a data breach in 2023 is $4.45 million.

As the cyber landscape evolves, businesses face new risks that traditional insurance policies weren’t designed to cover. While traditional insurance policies cover tangible assets such as property, inventory, hardware, and equipment, the most valuable asset to cybercriminals is information. Cyber insurance provides comprehensive coverage for a broad range of expenses, including legal fees, regulatory fines, data restoration costs, loss of income due to operational disruption and reputational damage.

As trusted risk advisors, it's our responsibility to not only protect our clients from the financial consequences of cybercrime but also empower them to become the first line of defense against cyber threats. In addition to ensuring each of your clients has a cyber policy, here are seven tips that you can share with clients to help keep their information safe:

1. Avoid clicking on ads

Consider using an ad blocker to reduce the temptation to click on ads that could potentially lead to fake or malicious websites.

2. Be cautious with emails

Email is one of the most common methods scammers use to trick people into divulging their personal information. Be wary of emails that ask you to verify your account and NEVER click on links or open attachments from unfamiliar senders. Scammers often impersonate well-known brands like Walmart, Amazon, Microsoft, UPS, FedEx, and even mail services like Outlook and Gmail, so be extra careful.

3. Stick to trusted sites and apps

When shopping or conducting online transactions, rely on verified sites and apps or contact the vendor directly. Never use links sent to you via email or other channels.

4. Regularly change your passwords

Protect your accounts by using unique passwords for each one and updating them periodically. Additionally, consider strengthening your passwords by including a mix of uppercase and lowercase letters, numbers and special characters that are meaningful only to you.

5. Beware of phone calls

Spam callers can be persuasive, especially when they claim to represent reputable companies. Never engage with inbound callers. Instead, find the company's contact information and call them directly. Also, be cautious of social engineering tactics, where hackers pretend to be employees of your company to manipulate you into sharing sensitive information.

6. Update your devices

Hackers often exploit vulnerabilities in outdated software to gain unauthorized access to systems and data. Stay protected by regularly checking for available updates and security patches, and consider enabling automatic updates. Additionally, ensure the safety of your data by regularly backing it up to an external drive or secure cloud storage.

7. Think past your antivirus software to endpoint protection and encryption

Keeping your antivirus software up to date is crucial for detecting and removing potential device threats. Adding endpoint protection ensures comprehensive network security, while encryption safeguards information in case of a breach.

As Cybersecurity Awareness Month comes to a close, this is a perfect time of year to engage with your clients and educate them about their cyber risk and available coverage options. Broadfield Insurance, a PCF Insurances Services company, makes obtaining a cyber insurance quote easier than ever. With access to a wide network of cyber insurance providers, you can offer multiple carriers and limits based upon the type of client, offering peace of mind and protection against the evolving landscape of cyber threats.

 

Learn more about cyber insurance from Broadfield Insurance and PCF Insurances Services.

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