Your Small Business is NOT Too Small to be Hacked: Password Security

Posted by Grant Patten on Aug 10, 2020 6:57:53 AM

Your Small Business is NOT Too Small to be Hacked: Password Security Best Practices

Your Small Business is NOT Too Small to be Hacked: Password SecuritySource: Royalty-free stock photo ID: 414663433 | Shutterstock

Don’t think a cyber hack could happen to your small business? Well, think again!

STATISTIC: According to Statistics Canada, 19% of businesses with 10 to 49 employees, and 28% of those with 50 to 249 employees, reported being impacted by a cybersecurity incident that affected operations.

…and for smaller businesses, the fallout from a data breach can be devastating.

Establishing password security guidelines should be one of the first steps that small businesses undertake in developing their cybersecurity strategy. In doing so, companies could immediately benefit from increased protection against more than half of attempted data breaches.

Even technologically advanced companies are susceptible to cyber risks, especially ones that are human-controlled – such as passwords. Just look at the below real-life examples of password breach hacks on small businesses to see how real this threat is:

Australian photography company – MailChimp account hacked (2018)

An Australian photography company’s MailChimp account was hacked in 2018. The hacker imported a spam list and proceeded to email fake invoices from the commandeered account. It is likely that the company’s email account was “protected” by a weak password and did not have two-factor authentication (2FA) enabled.

The hacker sent hundreds of thousands of fake invoices to over 150,000 email addresses around the world, resulting in an unfortunate and embarrassing situation for this photography business.

Hopefully this company had cyber insurance. If they did, they would be able to cover the cost of a forensic investigation to determine how the hack occurred in the first place.

The Couple & their Real Estate Agent – Hacked (2018)

Also in 2018, a Colorado couple were ready to finalize the purchase of their dream home, and at closing time wired $272K from their bank, following instructions they had received in an email from – they thought – their real estate settlement company.

However, the company’s email had been hacked, and fraudsters had altered the wiring instruction to make off with the hefty sum. Again, it is entirely likely that the company’s email account was “protected” by a weak password and did not have 2FA enabled.

The couple eventually reached a confidential settlement in a lawsuit against their real estate agent, bank and settlement company. With cyber liability insurance, the included third-party liability covers you against lawsuits from others due to a cyber attack on your business.

The Case of the Telco Password Breach (2015)

Although a telecommunications company certainly is not a small business, a 2015 data breach that a Canadian telco experienced affected many small businesses. 22,421 usernames & passwords and numerous valid credit card numbers associated with the telco’s small-business customers were stolen in the breach, with the data posted on a hacking forum.

“Small-business owners often believe breaches only happen to bigger firms,” said John Garner, president of IT firm iMedia Technology. “Small-business owners need to realize that cybercriminals are going up and down the supply chain. Once an attacker steals data from a small or midsize business, the information is often bought and sold on hacking forums and used in larger-scale attacks.”

With cyber risk insurance in place, the included theft & fraud coverage would cover destruction or loss of digital data resulting from a criminal cyber event. In addition, the included third-party liability coverage covers you against lawsuits from others due to a cyber attack on your business.

Password Protection & Management Tips 

For any small business, a sound password protection and management program should consist of rules and policies governing how passwords are created, stored and changed in order to ensure that they remain a secure and reliable means of authenticating identity and controlling access. A security risk occurs when companies are not diligent about enforcing the use of sufficiently strong passwords for access to their business systems, increasing their vulnerability to security breaches by potential hackers.

The well-publicized cyber attack on Ashley Madison in 2015 is just one example of the damage that can be caused by weak passwords. More than 11.2 million of the hacked passwords in this incident were common and overly simplistic, such as “123456”, “password”, “DEFAULT”, and “qwerty”. In contrast, roughly 3.7 million Ashley Madison accounts remained secure, likely because they had strong passwords or passphrases with long strings of upper- and lower-case letters, numbers and symbols.

Small businesses should consider implementing a company-wide practice to require a unique, strong password for each user of each system. A common objection to this type of policy is that such strong passwords are difficult to create and remember, and some employees resort to writing such passwords on a Post-It note stuck to their monitor, undermining the very security the password was meant to provide.

There is a better solution, which is to create a unique, memorable passphrase (e.g., “MyPassw0rdIsStrong!” or “ThisIsaStrongPassword”) instead of random letters, symbols and numbers. This type of passphrase tends to be harder to crack than passwords and is much easier to remember.

Standard user accounts should require a password length of at least 8 characters, while administration accounts with more access to the system should require at least 14 characters. Also note that passwords should never be shared among users.

Best practices for password storage:

Password management software can be useful for tracking usernames and passwords to multiple accounts, but one must follow best practices in the use of such software. For example, this software often uses a master password, which must be particularly strong and should be changed on a regular basis. Industry leaders in the password management software space include Dashlane, LastPass, Zoho Vault and RoboForm.

How often should passwords be changed? Common practice holds that standard user accounts expire after 90 days, while administration accounts expire after 60 days.

Best practices for password management:

  • Change default account passwords to your own custom passwords
  • Do not use the same password across multiple accounts
  • Production account passwords must not be used in non-production (testing) environments
  • Password fields must display only masked characters (typically appearing as “●●●”) as the user types in their password, where technically feasible

Companies should also be aware that they do NOT have to rely on passwords as the sole barrier to entry into their computer systems. Many systems, such as Twitter, use 2FA, which adds an extra step to the basic login procedure. Twitter’s 2FA verifies logins by sending an SMS text with a code to the user’s phone, requiring both the code and their password to log in.

Google Authenticator is a free app for iOS (Apple) and Android that can be used with Google accounts and other websites to provide this type of 2FA. Biometrics for 2FA, such as a fingerprint or voiceprint, are also becoming more common. The minor inconvenience of following an extra step in the login process is more than offset by the security advantages of 2FA.

Get Cyber Risk Insurance / Cyber Insurance / Cyber Liability Insurance / Cyber Insurance Canada / Password Hack Insurance

By following the above tips above, you will hopefully avoid experiencing a password breach hack. However, if it does happen to your business, having cyber risk insurance in place would benefit you greatly.

Front Row’s cyber liability insurance policy includes coverage for cyber hack incidents related to password breaches, such as third-party (your customers/clients) cyber liability and first-party (you and your business) cyber liability.

Protect your data and your clients' data. Front Row's cyber insurance policy is available online in 5 minutes; premiums start at $300 CAD. Platinum coverage is $800 CAD. (Prices subject to change) Up to $1,000,000 of protection is available.

90% of small businesses in Canada do not have Cyber Insurance: take a few minutes to protect your business that has taken you so long to establish.

Get a free quote 24/7 and buy online now:

Get a Quote Online In 2 Mins.

 

 

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides cyber insurance for a very low cost. Should a claim occur, Front Row works diligently with clients and insurers to expedite payment of claims. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.

Citations:

https://phys.org/news/2018-09-hackers-real-estate-devastating-impact.html
https://www.crn.com/news/security/240165900/on-their-radar-bell-canada-breach-hits-small-business-owners.htm https://procounter.com.au/2018/04/11/sydney-photographer-hacked-and-brandjacked/
https://www.rbc.com/cyber-security/resource-centre/today-small-and-medium-sized-businesses-need-outsized-cybersecurity/index.html
https://www.csio.com/article/password-security-tips-brokers

DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

Topics: Cyber Insurance

If You’re Hit with Ransomware, You’ll Want Cyber Insurance

Posted by Grant Patten on Aug 6, 2020 6:42:33 AM

Small Business Owners: If You’re Hit with Ransomware, You’ll Want Cyber Insurance

Ransomware Cyber Insurance Woman UpsetSource: Royalty-free stock photo ID: 659365795 | Shutterstock

Don’t think a ransomware hack could happen to your small business? Well, think again!

STATISTIC: Cybersecurity Ventures estimates that global ransomware damage costs will reach $20 billion USD by 2021, an increase from their estimated damages of $11.5B in 2019 and $8B in 2018.

STATISTIC: Ransomware is expected to attack a business every 11 seconds by the end of 2021.

Perhaps the fastest-growing cybersecurity threat in Canada right now is ransomware, a type of malware (malicious software) that uses sophisticated encryption to block access to a computer, network and/or data until a sum of money is paid.

Ransoms typically range from $800 to $5,000 (but sometimes much more), as most cybercriminals are aware that a business can’t operate without its computer system or important client data and the fee is just manageable enough for most companies to pay.

Just look at the below real-life examples of ransomware attacks on small businesses to see how real this threat is:

Toronto Accounting Firm Ransomware Hack (2020) / who does ransomware target?

An accounting firm based in Toronto was hit by ransomware in 2020. The ransomware encrypted various confidential reports, including an expense form from one of the firm’s main partners.

Additionally, the hackers stole some documents and auctioned them off on the dark web. Typically, hackers auction off such data to increase pressure on victim companies to pay up for decryption keys.

With cyber insurance, theft and fraud coverage is included to cover destruction or loss of digital data resulting from a criminal cyber event.

Toronto Dental Clinic Ransomware Hack (2019) / who does ransomware target?

Also in 2019, an anonymous Toronto dental clinic was hit by the Ryuk ransomware attack:

Ryuk ransomware noteThis note, which CBC printed out, was left on the clinic’s computers. (Submitted by clinic)
Source: cbc.ca

The ransomware locked staff out of digital files for at least a day and they had to take notes on paper. The dentist said files on 19 out of the clinic's 22 computers became encrypted.

The hacker initially demanded nine bitcoins (nearly $100,000) to decrypt the dental clinic’s files, but later increased that price to 15 bitcoins ($165,000). The dentist opted not to pay the ransom because they had a good backup in place.

With cyber liability insurance, the cost of a forensic investigation may be included to determine how, exactly, a hack occurred, and to assess the impact of the attack. (Determination of whether or not a forensic investigation will be triggered depends on the circumstances of each claim.)

Montreal Insurance Brokerage Ransomware Hack (2016) / who does ransomware target?

An insurance brokerage based in Montreal experienced a ransomware attack in early 2016. A mysterious error message began appearing on their system: “The system cannot access the database.” Upon consulting their IT firm, it was discovered that ransomware had been installed onto the brokerage’s system through an email attachment that an unsuspecting employee had opened. The ransomware had encrypted all the brokerage’s client data, including emails, PDFs and other policy documents, rendering the data completely inaccessible until a sum of money was paid – $2,300 CAD.

“To deal with the ransomware, I called my tech support team and we had backed up our data, but unfortunately it wasn’t completely up-to-date; the latest backup was six weeks in the past,” recalled the brokerage President. “It was important for us to retrieve the latest data, so I made the difficult decision to pay the ransom. It came down to paying $2,300 or losing six weeks of work, so I chose the former.”

Why ransomware hackers use Bitcoin:

The ransomware attacker insisted the brokerage pay via the digital currency system Bitcoin in order to make the payment untraceable. Due to the elaborate software architecture that stands behind this currency, which uses cryptography to secure transactions, it is extremely difficult to find out who is actually exchanging the Bitcoins, much less what they’re selling.

Ransomware Prevention | Ransomware Remediation | Ransomware Protection Tips

So, what should other companies do to avoid the same thorny situations as mentioned in the above real-life examples? Maintaining an on-site data backup solution is certainly prudent; however, these backups must be frequent and thorough to be effective, and relying solely on local backups is generally inadvisable. Companies could also implement a backup in the cloud, which means sending copies of data to at least one secure off-site server. Leaders in the cloud backup space include Dropbox, Amazon Web Services and Microsoft Azure.

But, of course, the best approach is to avoid being infected with ransomware in the first place. Educate employees about how to recognize suspicious emails. As the primary installation source of ransomware is online advertisements, according to security firm Symantec, be careful about clicking on Internet ads.

Most software products have different authorization levels that can be customized; business owners should take advantage of this feature to create different access levels for employees, giving each employee access only to the areas they need for their work, and restricting them from the others.

And, of course, don’t neglect the basics: make sure your antivirus software is regularly updated and your systems are regularly patched. A multi-layered defense comprised of a next-generation firewall (NGFW) will reduce the number of successful ransomware attacks on your internal network. NGFWs can cost under $1,000 and leaders in this space include Palo Alto, Cisco, Barracuda and Juniper.

Get Ransomware Insurance / Cyber Insurance / Cyber Liability Insurance / Cyber Risk Insurance / Hack Insurance

Front Row’s cyber liability insurance policy includes Extortion & Ransomware coverage for costs associated with payments to those who threaten to disclose sensitive information.

Protect your data and your clients' data. Front Row's cyber insurance policy is available online in 5 minutes; premiums start at $300 CAD. Platinum coverage is $800 CAD. (Prices subject to change) Up to $1,000,000 of protection is available.

90% of small businesses in Canada do not have Cyber Insurance: take a few minutes to protect your business that has taken you so long to establish.

Get a free quote 24/7 and buy online now:

Get a Quote Online In 2 Mins.

 

 

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides cyber insurance for a very low cost. Should a claim occur, Front Row works diligently with clients and insurers to expedite payment of claims. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.

Citations:

https://cybersecurityventures.com/global-ransomware-damage-costs-predicted-to-reach-20-billion-usd-by-2021/

https://www.cbc.ca/news/technology/more-ransomware-canada-1.5317871

https://www.csio.com/article/one-broker%E2%80%99s-ransomware-scare

https://www.itworldcanada.com/article/toronto-accounting-firm-hit-by-ransomware/432049

DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

Topics: Cyber Insurance

Salon Owners: Don’t Let Ransomware Destroy Your Business. Get Insured.

Posted by Grant Patten on Jul 29, 2020 7:49:43 AM

SALON OWNERS: DON’T LET RANSOMWARE DESTROY YOUR BUSINESS. GET INSURED.

Salon Owners: Don’t Let Ransomware Destroy Your BusinessSource: Royalty-free stock photo ID: 635676176, Shutterstock

Don’t think a cyber hack could happen to your hair/nail/tanning salon business? Well, think again!

Cybercriminals often target beauty salons with ransomware specifically because they know that these businesses are not necessarily so tech-savvy, and are often running their operations on outdated computer systems.

Just look at the below real-life examples of beauty salon hacks to see how real this threat is:

2019 hair salon ransomware attack

In 2019, a hair salon was hacked with ransomware. Their database containing personal information on ~8,000 clients was encrypted with the ransomware, as well as their scheduling system.

The salon then had to scramble to inform their clients about the hack. They posted this on their Facebook page:

Salon Facebook page note / cyber insurance CanadaSource: examiner.com.au

Cyber risk insurance would cover the cost of a forensic investigation to assess the impact of the attack. It also includes business interruption coverage to cover lost income and related costs when unable to operate due to a cyber event or data loss.

2016 beauty salon ransomware attack

In 2016, a beauty salon experienced a cyber hack, also in the form of ransomware. Employees arriving to work one day tried switching on their computers but instead of booting up properly, their screens were locked, displaying a ransom note.

Salon ransom note / cyber insurance CanadaSource: itv.com | ITV West Country

Losing their data severely affected their business: the salon did not know who had appointments, nor could it call them because that data was encrypted, too.

The hackers were demanding a ransom of $2,700 to unlock the computers. Desperate, the salon decided to pay the ransom.

Cyber liability insurance includes extortion & ransomware coverage for costs associated with payments to those who threaten to disclose sensitive information. It also includes business interruption coverage to cover lost income and related costs when unable to operate due to a cyber event or data loss.

2015 hair salon ransomware attack

In 2015, another salon was hacked, again with ransomware. The hackers had locked the salon owner out of his own database; he couldn’t access appointment books for his two salons.

The hackers demanded a ransom of $1,500. The owner could not run his business without access to his computer files, so he went ahead and paid the ransom.

The owner was able to convince the IT firm in charge of his salon’s computer systems to pay the ransom. However, if he had cyber insurance in place, he wouldn’t have to hope that another firm would cover him – the cost of a ransomware hack would be covered by the insurance.

WHAT IS CYBER INSURANCE | CYBER LIABILITY INSURANCE | CYBER SECURITY INSURANCE | CYBER RISK INSURANCE | HACK INSURANCE?

Cyber hack insurance for hair/nail/tanning salons is designed to protect against losses associated with data breaches and hacks. After a hack, there are costs you will incur, including (but not limited to):

  • paying to restore or recover the stolen data
  • paying for crisis communications and PR services related to the hack
  • paying to conduct an investigation to determine what happened
  • losing money from business interruption

SO, HOW CAN CYBER HACK INSURANCE HELP SALONS?

Cyber hack insurance can help with expenses associated with managing a hack, such as incident response and data recovery expenses.

If you’re a hair/nail/tanning salon owner or representative, you likely use computers often to facilitate communication with clients. You may also hold accounting and client information on your computer(s) and/or server(s).

Protect your data and your clients' data. Front Row's cyber insurance policy is available online in 5 minutes; premiums start at $300 CAD. Platinum coverage is $800 CAD. (Prices subject to change) Up to $1,000,000 of protection is available.

90% of small businesses in Canada do not have cyber insurance: take a few minutes to protect your hair/nail/tanning salon business that has taken you so long to establish.

Get a free quote 24/7 and buy online now:

Get a Quote Online In 2 Mins.

 

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides cyber insurance for a very low cost. Should a claim occur, Front Row works diligently with clients and insurers to expedite payment of claims. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.


 

Citations:

https://www.itv.com/news/westcountry/2016-06-27/cyber-thieves-demand-ransom-after-hacking-salons-system/

https://www.mirror.co.uk/news/uk-news/hair-salon-boss-forced-pay-6719075

https://www.examiner.com.au/story/6421785/newstead-hair-systems-hacked-bookings-lost/

DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

Topics: Cyber Insurance

Fitness Clubs, Gyms, Personal Trainers: Get Cyber Insurance!

Posted by Grant Patten on Jul 23, 2020 7:15:42 AM

FITNESS CLUBS, Gyms & Personal Trainers, are YOU prepared with cyber insurance?


Don’t think a cyber hack could happen to your fitness club, gym or personal training business? Well, think again!

Just look at the below real-life examples of gym-related hacks to see how real this threat is:

Gym company ransomware breach (2018)

One gym company experienced a serious ransomware breach in 2018. Its franchisees lost all their data and the ability to operate their clubs for 13 days, causing significant losses of revenues, profits, and club members.

These franchisees then launched a lawsuit against company headquarters, claiming that headquarters wrongfully forced them to purchase and use a proprietary club management software developed by an affiliate that failed to meet industry security standards.

Front Row’s cyber insurance policy provides ransomware coverage for payments to those who threaten to disclose sensitive information.

It also includes third-party cyber liability to cover against lawsuits from third parties due to a cyber attack on your business.

Fitness mobile app hack (2018)

Gyms and personal trainers often recommend certain health & wellness mobile apps to their customers. Some gyms and personal trainers even have their own apps built for their customers to use.

In 2018, a popular fitness app suffered a major data breach. The app allows users to monitor their calorie intake and measure it against exercise. Personal details of about 150 million users of the app were compromised in one of the biggest hacks in history!

About a year later, some of the stolen credentials appeared for sale on the dark web.

The company that built the app launched its own investigation into the hack, which is ongoing, but with cyber risk insurance, the included forensic investigation would cover the cost of the legal, technical and forensic services necessary to assess whether a cyber attack has occurred and to assess the impact of the attack.

Gym company server hack (2016)

In 2016, another gym company suffered a significant cyber hack. Hackers breached one of the company’s servers, gaining access to 300,000 email addresses, passwords and even some credit card details belonging to their members.

The hackers then published several customers’ credit card details online – including 10 digits of their card number, the expiry date and their home address.

With cyber liability insurance, the included first-party and third-party cyber crime expense coverage will protect both your business AND your customers/clients. First-party cyber liability covers various expenses directly incurred by your business due to a cyber breach, whereas third-party cyber liability covers against lawsuits from others due to a cyber attack on your business.

WHAT IS CYBER INSURANCE | CYBER LIABILITY INSURANCE | CYBER SECURITY INSURANCE | CYBER RISK INSURANCE | HACK INSURANCE?

Cyber hack insurance for gyms and personal trainers is designed to protect against losses associated with data breaches and hacks. After a hack, there are costs you will incur, including (but not limited to):

  • notifying customers that their information has been stolen
  • paying to restore or recover the stolen data
  • paying for crisis communications and PR services related to the hack
  • paying to conduct an investigation to determine what happened
  • losing money from business interruption
  • paying for legal defense in any resulting lawsuits

SO, HOW CAN CYBER INSURANCE HELP GYMS AND PERSONAL TRAINERS?

Cyber hack insurance can help with expenses associated with managing a hack, such as incident response and data recovery expenses.

If you’re a personal trainer or other gym company employee, you likely use computers often to facilitate communication with clients. You may hold accounting and client personal information on your computer(s). Perhaps you even have a mobile app or other digital product that you have your clients using for fitness tracking purposes.

Protect your data and your clients' data. Front Row's cyber insurance policy is available online in 5 minutes; premiums start at $300 CAD. Platinum coverage is $800 CAD. (Prices subject to change) Up to $1,000,000 of protection is available.

90% of small businesses in Canada do not have Cyber Insurance: take a few minutes to protect your gym/personal training business that has taken you so long to establish.

Get a free quote 24/7 and buy online now:

Get a Quote Online In 2 Mins.

 

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides cyber insurance for a very low cost. Should a claim occur, Front Row works diligently with clients and insurers to expedite payment of claims. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.

 

Citations:

https://www.theguardian.com/technology/2018/mar/30/hackers-steal-data-150m-myfitnesspal-app-users-under-armour

https://fortune.com/2019/02/14/hacked-myfitnesspal-data-sale-dark-web-one-year-breach/

https://www.bbc.com/news/technology-38382687

https://www.prnewswire.com/news-releases/sf-franchisee-association-sues-snap-fitness-300977251.html

DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

Topics: Cyber Insurance

Protect Your Theatre Company and Patrons with Cyber Insurance!

Posted by Grant Patten on Jul 13, 2020 7:27:49 AM

Protect Your Theatre Company and Patrons with Cyber Insurance!

Protect Your Theatre Company and Patrons with Cyber Insurance!Source: Royalty-free stock photo ID: 635676176, Shutterstock

Don’t think a cyber hack could happen to your theatre company? Well, think again! Even smaller non-profit theatres can be and have been victims of cyber attacks.

Just look at the below real-life examples of theatre company hacks to see how real this threat is:

Small Catholic theatre company hack (2015)

In 2015, a small Catholic theatre company had its website hacked, and an obscene message was placed on its homepage. After their IT team investigated and determined that there was further malware, the company had to rebuild its website and database from scratch!

Rebuilding a database from scratch is expensive and accomplishing this usually means directing attention/resources away from your business’s normal operations. With cyber liability insurance, the included business interruption coverage would cover lost income and related costs.

The “Pharma hack” on non-profits (2016)

In 2016, a non-profit theatre company was hacked, along with various other non-profit organizations. This hack targeted non-profit websites, surreptitiously displaying messages about buying Viagra and other pharmaceuticals.

Hackers usually gain access to these websites via a WordPress security vulnerability, transforming each site into an online pharmacy. They sometimes even create separate webpages within the site to host the pharmacy page or slipped keywords into the site’s content, such as “Viagra” or other drugs.

With Front Row’s cyber insurance product, the included forensic investigation covers the legal, technical and forensic services necessary to review whether a cyber attack has occurred and to assess the impact of the attack.

Shakespearean theatre ransomware hack (2019)

In 2019, a Shakespearean theatre was hit with ransomware, which took down their entire ticketing system and patron information database! The theatre was getting ready to deliver their first performance of Dickens' A Christmas Carol, but the ransomware attack put a damper on those plans and they had to cancel the show. They were forced to rebuild their entire database from scratch.

Cyber risk insurance includes coverage for both business interruption (lost income) and ransomware investigation. The insurance will also cover payments to those who threaten to obtain and disclose sensitive information (privacy breach).

The included first-party cyber liability covers the cost of actions taken to “make right” a cyber attack for your patrons—things such as notifying them, purchasing credit monitoring services for them and PR efforts related to the attack.

WHAT IS CYBER INSURANCE | CYBER LIABILITY INSURANCE | CYBER SECURITY INSURANCE | CYBER RISK INSURANCE | HACK INSURANCE?

Cyber hack insurance for theatre companies is designed to protect them from certain losses associated with data breaches and hacks. After a hack, there are costs companies will incur, including (but not limited to):

  • notifying patrons that their information has been stolen (some provinces even have mandatory data breach reporting requirements)
  • paying for PR/crisis communications to explain what happened
  • paying to restore or recover any stolen data/hacked accounts
  • paying to conduct an investigation to determine what happened
  • losing money from business interruption

SO, HOW CAN CYBER INSURANCE HELP THEATRE COMPANIES?

Cyber hack insurance can help with expenses associated with managing a hack, such as incident response, crisis communications and data recovery expenses.

If you’re an Artistic Director or other theatre company employee, chances are you do a lot of work on websites and/or computers that hold databases with patron information. If these websites and/or computers are hacked, that could result in business interruption or the need to notify patrons that their information has been stolen, or both.

Protect your data and your clients' data. Front Row's cyber insurance policy is available online in 5 minutes; premiums start at $300 CAD. Platinum coverage is $800 CAD. (Prices subject to change) Up to $1,000,000 of protection is available.

90% of small businesses in Canada do not have cyber insurance: don’t be one of them. Take a few minutes to protect your theatre company and patrons!

Get a free quote 24/7 and buy online now:

Get a Quote Online In 2 Mins.

 

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides cyber insurance for a very low cost. Should a claim occur, Front Row works diligently with clients and insurers to expedite payment of claims. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.

Citations:

http://www.quovadistheatre.org/the-site-hacked-rebuild-blues/
https://www.washingtontimes.com/news/2016/dec/21/pharma-hack-preys-on-nonprofits-to-peddle-drugs-on/ https://www.bleepingcomputer.com/news/security/ransomware-writes-drama-at-shakespeare-theatre/
https://www.ic.gc.ca/eic/site/smt-gst.nsf/eng/sf11177.html#s2.3

DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

Topics: Theatre Insurance, Cyber Insurance

Filmmakers, are YOU prepared with cyber insurance if you get hacked?

Posted by Grant Patten on Jun 29, 2020 9:15:08 AM

Filmmakers, are YOU prepared with cyber insurance if you get hacked?

Filmmakers, are YOU prepared with cyber insurance if you get hacked?Source: Royalty-free stock photo ID: 635676176, Shutterstock

Don’t think a cyber hack could happen to your production company? Well, think again! Just look at the below real-life examples of film production company hacks to see how real this threat is:

The Sony Pictures hack (2014)

In 2014, a hacker group (likely sponsored by the North Korean government) leaked a release of confidential data from Sony Pictures, including personal information about employees and their families, information about executive salaries at the company, copies of then-unreleased films, plans for future films, scripts and other information. Several Sony Twitter accounts were also hacked.

The group demanded the cancellation of the release of Sony’s comedy film The Interview (2014) and, indeed, major cinema chains opted not to screen the film in response to these threats.

Although the film eventually did reasonably well through a digital-only release, the cinema chain cancellations amounted to (potentially) millions in lost revenue for Sony. With cyber insurance, the included business interruption coverage could cover lost income and related costs.

If a hacker can breach the defences of a large entertainment company such as Sony Pictures, they can certainly breach a smaller production company, too. Hackers are becoming smarter, making it harder for production companies to defend themselves from a data breach.

The Larson Studios hack (2017)

In 2017, LA-based digital production company Larson Studios was hacked. The hackers apparently purloined 10 episodes of Orange is the New Black, which Larson Studios produces, then demanded ransom to prevent the shows from being released unofficially.

Larson Studios made the difficult decision to wire more than $50,000 USD in extortion money to the hackers. Yet, the unscrupulous hackers still leaked the stolen episodes on a file sharing website more than a month before the show was set to premiere. Cyber insurance would cover payments to those who threaten to obtain and disclose sensitive information.

Larson Studios made another expensive decision: to hire private data security experts to find out what happened. With cyber liability insurance, the cost of a forensic investigation is included in the policy.

WHAT IS CYBER INSURANCE | CYBER LIABILITY INSURANCE | CYBER SECURITY INSURANCE | HACK INSURANCE?

Cyber hack insurance for filmmakers is designed to protect them from certain losses associated with data breaches and hacks. After a hack, there are costs you may incur, including (but not limited to):

  • notifying customers that their information has been stolen
  • paying to restore or recover the stolen data
  • paying to conduct an investigation to determine what happened
  • losing money from business interruption

SO, HOW CAN CYBER INSURANCE HELP FILMMAKERS?

Hack insurance can help with expenses associated with managing a hack, such as incident response and data recovery expenses.

PROTECT your data: If you’re a filmmaker, the second-most important object you own, next to your camera, is likely your computer. You likely do your video editing using it, and likely maintain your production company website(s) using it.

Not only is your work stored on your computer(s), you may also have accounting, employee and/or client personal information on there. If you suffer a hack, your insurance can help you manage the costs associated with the loss. Front Row's cyber hack insurance policy starts at just $300 CAD annually and includes comprehensive cyber coverage with limit options up to $1,000,000.

90% of small businesses in Canada do not have Cyber Insurance: take a few minutes to protect your production company, which has taken you so long to establish.

Get a Quote Online In 2 Mins.

 

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides cyber insurance for a very low cost. Should a claim occur, Front Row works diligently with clients and insurers to expedite payment of claims. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.

Citations:

https://en.wikipedia.org/wiki/Sony_Pictures_hack

https://variety.com/2017/digital/features/netflix-orange-is-the-new-black-leak-dark-overlord-larson-studios-1202471400/

DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

Topics: Cyber Insurance

Photographers, are YOU prepared with cyber insurance if you get “brandjacked”?

Posted by Grant Patten on May 26, 2020 8:07:38 AM

ARE YOU PREPARED WITH CYBER INSURANCE IF YOU GET “BRANDJACKED”?

Front Row cyber insurance: brandjacking

Don’t think a cyber hack could happen to your photography business? Well, think again! Just look at the below real-life examples of photography business hacks to see how real this threat is:

Australian photography company – MailChimp account hacked

An Australian photography company’s MailChimp account was hacked in 2018. The hacker imported their spam list and proceeded to email fake invoices from the commandeered account. This is known as “brandjacking”, whereby a hacker assumes the online identity of a brand in order to leverage that business's brand equity for nefarious purposes.

The hacker sent hundreds of thousands of fake invoices to emails around the world, resulting in an unfortunate and embarrassing situation for this photography business. Some consumers who received the fake invoices even reported the business to the Communications & Media Authority.

Hopefully the business had cyber insurance. If they did, they would be able to cover the cost of a forensic investigation to determine how the hack occurred.

Australian photographer hit with ransomware

In 2017, another Australian photographer was hacked – this time hit with ransomware on his computer. He posted about his ordeal on the Digital Photography Review forum, writing, “I have been infected with some sort of virus that has encoded files on my computer – mainly my RAW photo files – and has encrypted them, so now I can't use them.”

Ransom note: Australian photographer hit with ransomwareThe hacker was demanding payment of 0.5 Bitcoin to access a “Decryptor” that would, ostensibly, unlock the photographer’s RAW photo files.

0.5 Bitcoin in Australian dollars (at the time of this writing) = $5,886. Certainly not inexpensive, but the reality is that – once hit with ransomware – you usually have a stark choice between either paying the ransom, or losing your files.

With cyber risk insurance in place, the included ransomware coverage would cover costs associated with payments to those who threaten to disclose sensitive information.

London-based food photographer hacked

A London UK-based food photographer had his YouTube channel hacked in 2020, even though he had two-step authentication enabled! As he was using Google AdSense to monetize his YouTube videos, this potentially endangered his income.

The photographer theorizes that it was likely an email phishing scam that he fell for because he receives “100-200 messages a day.”

However, with cyber insurance in place, he wouldn’t have to theorize – the insurance would cover the cost of a forensic investigation to determine how, exactly, this happened. Cyber insurance would also include business interruption to cover lost income from the AdSense account.

Swiss photographer Facebook Page hack

In 2019, a popular Swiss photographer’s Facebook Page was hacked and used to scam hundreds of people! He was eventually able to regain access to his Page, but not before many of his followers were tricked out of their hard-earned money. When something like this happens, it is entirely conceivable that the scammed individuals may decide to sue for damages.

Cyber liability insurance includes first-party and third-party cyber liability coverage. The third-party coverage would be particularly useful in this case, as it covers against lawsuits from third parties (e.g., customers) due to a cyber attack on a business.

Portland-based photo business websites hacked

A Portland-based photographer tried logging into her business WordPress websites one day in 2017, only to realize that they had been hacked.

The hacker had sent 60,000 emails from the photographer’s email address.

The photographer called a website security firm to help her resolve the issue. The security firm quoted her at $275 USD per month to help her. With cyber insurance in place, you wouldn’t have to frantically call up random security firms you find on Google. You would simply file a claim and the forensic investigation process would then kickoff.

Ultimately, we’re not sure if any of the above-mentioned photography businesses had cyber liability insurance in place, but it certainly would have been advisable to have such a policy, in all cases.

WHAT IS CYBER INSURANCE | CYBER LIABILITY INSURANCE | CYBER SECURITY INSURANCE | CYBER RISK INSURANCE ?

Cyber hack insurance for photographers is designed to protect them from certain losses associated with data breaches and hacks. After a hack, there are costs you will likely incur, including (but not limited to):

  • notifying customers that their information has been stolen
  • paying to restore or recover the stolen data
  • paying to conduct an investigation to determine what happened
  • losing money from business interruption
  • potentially having to reshoot many photos since they’re now under the control of hackers

SO, HOW CAN CYBER HACK INSURANCE HELP?

Hack insurance can help with expenses associated with managing a hack, such as incident response and data recovery expenses.

PROTECT your data: If you’re a photographer, the second-most important object you own, next to your camera, is likely your computer. Your computer/laptop is, no doubt, essential to your photography business operations.

Not only is your work stored on your computer, you may also have accounting and client personal information on there. If you suffer a hack, your insurance can help you manage the costs associated with the loss. Front Row's cyber hack insurance policy starts at just $300 CAD annually and includes comprehensive cyber coverage with limit options up to $1,000,000.

90% of small businesses in Canada do not have Cyber Insurance: take a few minutes to protect your photography business that has taken you so long to establish.

Get a Quote Online In 2 Mins.

 

Citations:

https://procounter.com.au/2018/04/11/sydney-photographer-hacked-and-brandjacked/
https://fstoppers.com/originals/i-had-my-youtube-channel-stolen-454286
https://www.nationalphotographersinsurance.com/single-post/2017/11/15/Cyber-Hack---Photography-Professional
https://petapixel.com/2019/10/10/my-facebook-photography-page-was-hacked-and-used-to-scam-hundreds-of-people/

https://www.dpreview.com/forums/thread/4153904

DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

Topics: photography insurance, Cyber Insurance

Video: What is a Premium? What is a Deductible?

Posted by Grant Patten on Apr 28, 2020 7:54:34 AM

What is a Premium? What is a Deductible?

Disclaimer: the deductible amounts disclosed in this video are current to April 2020 and are subject to change.

What is an insurance premium?

An insurance premium is the amount of money an individual or business pays for an insurance policy. Premiums are collected and kept in reserve in order to pay out claims as they arise. The insurance company must anticipate how much premium they will need to collect in order to have the funds available to pay out losses when they occur. In layman’s terms, they have to make an educated guess.

Wondering why your premium has changed? Well, the changes in premiums this year are a reflection of the overall loss ratio on the insurance program. In order for an insurance program to remain viable, the amount paid out in losses cannot exceed the amount collected in premiums.

What is an insurance deductible?

A deductible is the amount of the loss that you are responsible for covering before the insurance policy will respond. Say you have a USB drive stolen. Replacing it would cost $60, but your deductible is $350. Although, “technically” the claim would be covered, it is below your deductible, so the insurance company wouldn’t be responsible for paying any part of the claim.

Another example: you drop your camera, but it only costs $200 to fix. Although it is the kind of damage that would be covered under the policy, you are responsible for the first $350 of the loss. In this case, again, the insurer would not have any responsibility to pay the claim, because the expense was not more than the $350 deductible.

If you damage a $500 lens, though, you would pay for the first $350 (your deductible), then the insurance company would cover the next $150.

A review of the Front Row online insurance program deductibles (in Canadian dollars):

Photography insurance (photographer.frontrowinsurance.com) deductibles:

  • Equipment deductible: $350 per occurrence
  • Photographer’s Enhancement Pack deductible: $500 per occurrence
  • Theft from an Unattended Vehicle deductible: $2,500 per occurrence
  • Outside Canada and United States of America (“Out of Country”) deductible: $750
  • General Liability deductible: $500 per occurrence

The deductible applies to any one incident, not per item. Only one deductible, whichever is highest, would apply per claim.

DigiGear insurance (digigearinsure.frontrowinsurance.com) deductibles:

  • Owned Mobile Equipment  - $1,000
  • Owned Fixed Equipment - $1,000
  • Rented Equipment - $1,000
  • Lessors' Contingency Coverage - $1,000
  • Commercial General Liability - $1,000

Short Shoot insurance (shortshoot.frontrowinsurance.com) deductibles:

The rented equipment deductible is $1,000 per event. This applies to any one incident, not per item.

Musical instrument insurance (musicians.frontrowinsurance.com) deductibles:

The equipment deductible is $250 per claim. Again: This applies to any one incident, not per item.

SOLO Theatrical Insurance (stagelive.frontrowinsurance.com) deductibles:

The deductible for Each Occurrence is $500.

Event insurance (events.frontrowinsurance.com) deductibles:

  • Rented Equipment Coverage: $500 Per Claim
  • Rented Tents/Marquees: $250 Per Claim
  • Wedding Enhancement Package Coverages: $250 Per Claim
  • Birthday Party / Bar/Bat Mitzvah / Anniversary Package Coverages: $250 Per Claim
  • Cancellation Coverage: None
  • General Liability, Each Occurrence: $500 for claims of Bodily Injury / Property Damage
  • Tenant Legal Liability: $500 Per Claim

Workplace Office insurance (workplaceinsure.frontrowinsurance.com) deductibles:

There are various deductibles under the Workplace policy. The deductible will depend on the coverage. For example, the deductible for theft of office property is $500.

Cyber Hack insurance (hackinsure.frontrowinsurance.com) deductibles:

A basic cyber insurance policy would generally come along with a $1,000 deductible.

Get Insurance with Front Row

Whether you’re interested in film insurance, photography insurance, event insurance or another insurance product, consider Front Row Insurance for your insurance needs.


Related:

Topics: musical instrument insurance, Short Film Insurance, Entertainment Insurance, film insurance premium, Office Contents Insurance, Theatre Insurance, event insurance, photography insurance, DigiGear, Cyber Insurance

REAL ESTATE AGENTS: One mistake could cost your client their life savings.

Posted by Grant Patten on Apr 9, 2020 9:05:51 AM

REAL ESTATE AGENTS: One mistake could cost your client their life savings.

Real estate agents: get cyber insuranceEstate agents: Keep your clients smiling by having cyber coverage | Royalty-free stock photo ID: 402629167, Shutterstock

 

Don’t think a cyber hack could happen to your real estate agency? Well, think again!

STATISTIC: “Cyber scams targeting the real estate sector are on the rise. From 2015 to 2017, there was over a 1,100% rise in the number of cyber scam victims reporting the real estate transaction angle and an almost 2,200% rise in the reported monetary loss.” (FBI report, 2018)

Just look at the below real-life examples of real estate agency hacks to see how real this threat is:

The Oregon Homeowner, Colorado Couple & Russian Real Estate Agent:

Cyber criminals have developed a sneaky trick that has been fooling the customers of real estate agents into sending money to fraudulent bank accounts. How does the trick work? The criminals hack into real estate agents’ email accounts, then surreptitiously read the emails that are sent between buyer and agent. When the deal is close to being done, the hacker sends off a well-timed email, impersonating the agent, trying to fool the buyer into wiring money to an (often) offshore bank account. Sadly, the ploy has been working.

This happened in 2019 to a homeowner based in Portland, OR. He received an email instructing him to wire a $123K down payment to what he thought was a property title company. It turned out to be a swindle — the money he wired did not go to that company, but to an unknown bank account based in Florida. He lost the money.

In 2018, a Colorado couple were ready to finalize the purchase of their dream home, and at closing time wired $272K from their bank, following instructions they had received in an email from – they thought – their real estate settlement company. However, the company’s email account had been hacked, and fraudsters had altered the wiring instruction to make off with the hefty sum.

The couple eventually reached a confidential settlement in a lawsuit against their real estate agent, bank and settlement company.

A narrow escape happened in 2017 to a Russian real estate agent, based in California. Criminals hacked her Gmail account, monitored the correspondence between her and her clients, and waited for the perfect time to strike. It came time to send the remainder of a down payment to close escrow. Using the agent’s email account, the hackers sent a message to one of her clients telling them to wire hundreds of thousands to a fraudulent account. Lucky for the clients, they questioned the fake email. The amount requested was off by just a bit.

If this property title company and/or real estate agent had had cyber insurance, the cost of a forensic investigation would have been included to investigate how, exactly, the hack occurred and how to prevent it from happening again. The third-party cyber liability included in the policy would cover you against lawsuits from third parties due to a cyber attack on your business.

The New York Real Estate Companies

In 2019, a well-known real estate brokerage, based in New York, experienced a cyber hack. A confidential email containing agent splits, marketing budgets and gross commission income was sent to the entire company. This email was meant to be seen by only a few executives in the company.

The email account belonging to the president of sales was hacked and emails containing sensitive information were distributed within the company in a deliberate attempt to distract employees and agents, disrupt business and cause damage to the company. Some agents speculated foul play at the hands of a rival.

In 2015, a hacker breached the systems of another New York-based real estate company, this one in Manhattan. The hacker surreptitiously downloaded 798 of the company’s confidential reports worth $361,337 in total. The company charges $999 for a single report on commercial properties.

The company launched a lawsuit against the hacker, seeking to recover the money, as well as punitive damages.

With cyber liability insurance, first-party (you and your business) cyber crime expense coverage is included, as well as the cost of a forensic investigation to investigate how, exactly, a hack occurred. Theft and fraud coverage would also be included to cover destruction or loss of digital data resulting from a criminal cyber event.

WHAT IS CYBER INSURANCE | CYBER LIABILITY INSURANCE | CYBER SECURITY INSURANCE | CYBER RISK INSURANCE | HACK INSURANCE?

Cyber hack insurance for real estate agents is designed to protect them from certain losses associated with data breaches and hacks. After a hack, there are costs you will likely incur in:

  • notifying customers that their information has been stolen
  • paying to restore or recover the stolen data
  • paying for crisis communications and PR services related to the hack
  • paying to conduct an investigation to determine what happened
  • losing money from business interruption
  • paying for legal defense in any resulting lawsuits

SO, HOW CAN CYBER HACK INSURANCE HELP REALTORS?

Hack insurance can help with expenses associated with managing a hack, such as incident response and data recovery expenses.

PROTECT your data: If you’re a real estate agent, your computer is likely one of the most important objects you own. You facilitate your deals on it and you likely have sensitive data stored on it.

Not only is your work stored on your computer, you may also have accounting and client information on there. If you suffer a hack, your insurance can help you manage the costs associated with the loss. Front Row's cyber hack insurance policy starts at just $300 CAD annually and includes comprehensive cyber coverage with limit options up to $1,000,000.

90% of small businesses in Canada do not have Cyber Insurance: take five minutes to protect your real estate agency that has taken you so long to establish.

Get a Quote Online In 2 Mins.

 

Citations:

https://www.ic3.gov/media/2018/180712.aspx
https://www.marketwatch.com/
https://miami.cbslocal.com/2017/09/20/real-estate-email-hacks/
https://www.mpamag.com/news/real-estate-company-gets-hacked-24332.aspx
https://phys.org/news/2018-09-hackers-real-estate-devastating-impact.html

DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

Topics: Cyber Insurance

Online Cyber Insurance for Canadian Small Businesses

Posted by Mike Groner on Nov 28, 2018 11:06:56 AM

WHAT IS CYBER LIABILITY INSURANCE?

Cyber liability insurance Canada

Cyber liability insurance goes by many names these days: Cyber Insurance; Cyber Security, Cyber Risk, Hack Insurance and others. However, the intent of all of these polices remains the same: a cyber insurance policy is an insurance product used to protect your business from data breaches on your computer system(s), potentially exposing client information.

Get a no obligation online quote here now  ➭

WHAT DOES A CYBER LIABILITY INSURANCE POLICY COVER? 

  • Comprehensive Cyber Liability: Combines third-party (your customers/clients) cyber liability and first-party (you and your business) cyber crime expense coverage.
  • Theft and Fraud: Covers destruction or loss of digital data resulting from a criminal  cyber event.
  • Business Interruption: Covers lost income and related costs when unable to operate due to a cyber event or data loss.
  • Extortion & Ransomware: Provides coverage for costs associated with payments to those who threaten to disclose sensitive information.
  • Forensic Investigation: Covers the legal, technical and forensic services necessary to assess whether a cyber attack has occurred and assess impact of the attack.

CAN MY BUSINESS AFFORD CYBER INSURANCE? Cyber insurance cost

While the most prominent cases report have been attacks against large companies such as Target, Sony and Home Depot; in fact, 43% of attacks are occurring against small businesses. Of the small businesses attacked, 60% never recover after a hack and go out of business within 6 months because of a lack of cyber security.  Starting from just $300 CAD annually, with limit options up to $1,000,000.Cyber Liability for Small Business

Front Row Insurance’s Hackinsure provides protection against a range of online hazards – peace of mind is available online in five minutes with no need to talk to a broker.

TYPES OF CYBER CRIME:

  • Phishing – Obtaining valuable information such as a credit card details or passwords by posing as a trustworthy company (e.g., a supplier) via email.
  • Ransomware – When a company’s computer system is infiltrated by a malicious program that encrypts its files and demands a ransom (typically in Bitcoin) to return the data.
  • Social Engineering – Criminals impersonate an executive of a company in an email in order to obtain a money transfer or sensitive data from an unsuspecting employee. These emails are often targeted to junior employees, who may be more susceptible due to lack of training or fear of not responding to the senior executive who was impersonated.

WHAT ARE SOME WAYS TO SAFEGUARD AGAINST A CYBER ATTACK?

Now more than ever, it’s important you protect yourself in every possible way. Here are a few additional tips we share with all of our clients, to help guard against the risk of a cyber attack:

  • Developing a password strategy: Using the same password across many devices and accounts is the easiest way to compromise security. Once a hacker gets their hands on a password, they can use it to compromise employee information as well as customer data, turning a single password breach into millions in damage.
  • Avoiding collecting or storing payment information: Outsource payment processing and avoid collecting customer payment information such as credit card info on your own. Dedicated security staff have the resources and tools to protect data better than you can.
  • Educating your employees: It may seem like common sense, but it’s not always. Develop a written policy about security & privacy and make sure employees are on board and understand their responsibility to protect confidential data. No business is “too small” for a hacker; the more prepared you are, the less at-risk you are.
  • And, of course, purchasing Cyber Liability Insurance: 90% of small businesses do not currently have cyber insurance. You need to know that your business will be protected against any security breaches. Our new product provides this protection. You can get insured online in just a couple of minutes:

Get a quote in 2 minutes  ⇨

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides cyber and office insurance for the lowest possible cost in addition to arranging custom policies for the entertainment industry. Should a claim occur, Front Row ensures that their clients receive the money they are owed per the insurance policy, as quickly as possible. Front Row has offices in Vancouver, Toronto, Montreal,  Halifax, Los Angeles, New York, Nashville.

Topics: Cyber Insurance