Business Insurance that Protects You when Your Database Host is Hacked

Posted by David Hamilton on Aug 13, 2014 12:01:00 PM

BUSINESS INSURANCE THAT PROTECTS YOU WHEN YOUR DATABASE HOST IS HACKED

BUSINESS INSURANCEDatabase hosts and online security companies cannot prevent cyber attacks: your office insurance should include cyber insurance to protect you. Even with reminders to back up information, change passwords or purchase additional security measures, online hosts cannot guarantee full information protection from hackers. The biggest issue with hacking in today's business environment is the unpredictability and daily evolvement. Without a particular business target, hackers are in search for easily accessible information that can generate money or sales illegally.

In an article by Ernst and Young, the mining and metals industries are listing information hacking as one of their top threats as a business. “Consumer and financial organizations were thought to be at most risk. However, the list of cyber adversaries has grown to include criminals, national governments and hacktivists, and their target list has likewise grown.”

Businesses can be held personally responsible for their client’s credit card and personal information and are reminded that the rising threat of cyber attacks translate to a need for more security and protection to address these issues. For example, Target is facing lawsuits filed by customers and banks for negligence and compensatory damages after its cyber attack last year. This is not including other costs resulting from the breach. Target has reportedly spent over $61 million responding to the breach, and has experienced a profit drop compared to last year’s holiday shopping profit.

Although both Target and the mining industry are greater examples of cyber attacks, small business can fall victim to these breaches. Front Row Insurance can provide you with a quote for business insurance that includes cyber coverage.

Make sure your business office insurance protects you for the most current threats. 

Topics: Office Contents Insurance, Cyber Insurance

Office Contents Insurance and the Need for Cyber Insurance

Posted by David Hamilton on Aug 13, 2014 11:26:00 AM

CYBER INSURANCE CANADA

Cyber insurance protects your business from revenue loss and lawsuits sparked by a breach of cyber security and computer crimes. Every business office insurance policy should include cyber insurance.

Office contents insuranceWith an ever growing movement towards technology and new media, businesses need protection against online hackers. Data breach can include document spillage, client information exposure and unwelcome access to sensitive information. Cyber hacks are unpredictable and untraceable, but they are growing in occurrence and stealth. Businesses with an online presence are recommended to calculate the risk of losing revenue due to cyber attacks and whether the business can afford to lose money, clients, shareholders and even reputation. 

Big corporations and small businesses alike are all vulnerable to these attacks. Citigroup, for example, faced a $2.7 million loss in revenue when sensitive information of over 200,000 of their customers was accessed in 2011. Despite this being on the larger scale of hacks in history, any business with documents online face the risk of exposing important information that may lead to lawsuits down the road.

ALSO: WORKPLACE OFFICE INSURANCE (WITH CYBER)

At Front Row Insurance our commercial office insurance package has the option to include Cyber Insurance, a coverage which lessens and protects your business from the aftermath of a cyber attack. Most of these breaches can take months to undo and thousands of dollars to compensate, but cyber insurance can reduce these setbacks. Visit our website for more information about our office contents insurance package.

For further assistance please do not hesitate to contact us directly or see more office contents information here.

Topics: Office Contents Insurance, Cyber Insurance