May 20, 2021
Agency
What Is Considered a Breach of Cybersecurity?
A breach of cybersecurity means that someone (or something) has accessed your protected data, whether protected by passwords or other security mechanisms. This is usually the beginning of a cyberattack and can be the tip-off that your protected information is compromised. The security network should notify you as soon as a breach occurs, but it isn’t always easy to catch or prevent. That’s why it’s important for you to understand some common cyber risks. 
With nearly everything going online these days, there are a variety of risks individuals and businesses can face when it comes to electronically stored information. Before storing anything online or on a network, it’s crucial to have cyber liability insurance. Preventing cyberattacks is important, but not always possible when a skilled attacker is determined to access vital data.
Here are some of the most common types of cyberattacks:
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Phishing—Phishing is common over email and phone, as it tries to convince the recipient to download attachments or click links that are encoded with viruses or malware. The attacker may also try to convince the recipient to divulge important information such as passwords and credit card numbers.
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Distributed denial of service (DDoS)—This malicious tactic involves taking down a website or server by sending constant data requests. Too many requests too soon can cause systems to be overwhelmed and crash.
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Ransomware—This software holds information for ransom by denying access. This is possibly the most common cyberattack.
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Man-in-the-middle (MITM)—This attack prevents the victim from accessing a server. The attacker can accomplish this in a few ways, including something called “IP spoofing,” which tricks a server system into recognizing its IP address as trusted. The attacker may also hijack a session as soon as the victim connects to the server before disconnecting the victim.
What Is Cyber Liability Insurance?
Cyber liability steps in if client information is damaged, lost or held hostage due to a cyberattack. It may also cover third-party coverages in relation to claims of negligence, such as if a client claims that there was a weakness in your company’s network security that led to the breach. Legal fees may also be covered under this policy.
Cyberattacks can ruin an insurance company’s reputation, so it’s important to take extensive measures to handle the situation before it arises.
Speak with an IT specialist and your insurance agent about finding a cyber liability insurance policy.
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