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 and how to stop it.

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 investigating threats to commit cyber attacks and payments to those who threaten to obtain and 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 scammed 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 – at no additional cost to you.

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 in:

  • 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. You do your photo editing on it, and you maintain your photography business website(s) using 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 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?

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 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 computers, 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 in one form.
  • 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 investigating threats to commit cyber attacks and payments to those who threaten to obtain and disclose sensitive information
  • Forensic Investigation: Covers the legal, technical and forensic services necessary to assess whether a cyber-attack has occurred, to assess the impact of the attack and to stop the attack
  • Extortion: Provides coverage for the costs associated with the investigation of threats to commit cyber attacks against the policyholder’s systems and for payments to extortionists who threaten to obtain and disclose sensitive information.

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.

cyber law

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 multiple devices and accounts is the easiest way to compromise security. Once a hacker gets their hands on a password, they can easily use it to compromise employee information as well as customer data, turning a single password breach into millions of dollars 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 might seem like common sense, but it’s not always. Develop a written policy about security and privacy and make sure employees are on board and understand their responsibility to protect any confidential data. No business is “too small” for a hacker - the better 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 a couple of minutes by clicking here.

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

Cyber Security Insurance / Cyber Liability Insurance

Posted by David McLeish on Nov 22, 2018 10:15:20 AM

Cyber Insurance / Cyber Liability Insurance / Cyber Security Insurance

Cyber Insurance / Cyber Liability Insurance / Cyber Security InsuranceIS YOUR SMALL BUSINESS DATA SECURE? DON’T WAIT TO FIND OUT.

On the back of several high-profile data breaches in recent years, Cybersecurity is increasingly top of mind for executives as well as customers. Hackers are targeting organizations of all sizes with increasing sophistication and persistence. As the risk grows, what is being done?

Experts Say: Not Enough.

Criminal networks are devoting an increasing proportion of their time and attention to Cybercrime because it’s easier and more lucrative than more traditional types of crime, and harder to get caught. Worryingly, businesses seem to be inclined to take a reactive rather than proactive approach.

While 99.8% of Canadian companies fall into the category of small or medium-sized businesses (SMBs), and 43% of Cyberattacks specifically target them, 90% do not have cyber insurance. Costs per incident run from the tens of thousands of dollars in smaller companies, to millions for larger, better-known organizations. Recent research into the topic of Cybersecurity has highlighted the need for improved focus on personnel training and specialized IT staff.

Small businesses spend comparatively less on Cybersecurity, and the impact of Cybercrime on them tends to be more severe when it does happen: many small businesses which have been hacked go out of business shortly after (estimated at 60%) because they are simply unable to deal with the financial and reputational cost.

Typically, an organization’s Cybersecurity budget is a proportion of their IT budget (often around 10%). Most organizations spend more on Cybersecurity after an attack, but mostly on technology such as firewalls and anti-malware software rather than personnel training and governance. Larger organizations seem to take the problem more seriously, but they also tend to be more frequent targets of attacks due to the bigger payoff.

While important, technological safeguards do not address the entire spectrum of cyber risk. Phishing attacks are becoming increasingly sophisticated, and tend to target front-line employees who may be unprepared if they have not received appropriate Cybersecurity training. Employee access to data is itself a risk that organizations need to actively manage: for example, a USB flash drive left in the open with sensitive data on it can present a golden opportunity to the unscrupulous.

Failure to safeguard against Cyberattacks can injure more than just a company’s financial position; the very survival of an organization can be threatened. A successful Cybersecurity strategy will involve adequate spending on training, governance and internal processes to reduce risk as well as technology, and a comprehensive insurance plan to address risks which cannot be adequately reduced or managed.

What Can Be Done to Protect Against Cyber Attacks?

Front Row Insurance offers a solution called Hackinsure which is designed to provide additional protection for your business against emerging threats in the area of Cybersecurity.

Cyber Hack insurance Canada includes:

  1. Third-party cyber liability, which put simply covers you against lawsuits from third parties due to a Cyberattack on your business.
  2. First-party cyber liability, which covers the cost of actions taken to “make right” a Cyberattack for your customers—things such as notifying clients, purchasing credit monitoring services for affected parties, and PR efforts related to the attack.
  3. Data Breach coverage, which protects against destruction or loss of digital data resulting from a criminal or fraudulent cyber event.
  4. Extortion & Ransomware, which covers costs associated with investigating threats of Cyberattack, and payments to those who threaten to obtain and disclose sensitive information.
  5. Business Interruption: Provides coverage for lost income which is due to a Cyberattack or data loss event.

In this technological age, no business is immune to Cybersecurity risk, and the costs of a breach can be crippling. Hackinsure policies from Front Row begin at $300 CAD. Contact us today.

Topics: Cyber Insurance

Cyber Crime Insurance for Non-profits | Cyber Liability Insurance

Posted by David Hamilton on Nov 12, 2018 5:36:15 PM

cyber crime insurance

cyber crime insuranceInformation Superhighway Robbery? It Pays to be Prepared.

The Internet may be the Wild West, but these days criminals don’t arrive on horseback and tell you to stick ‘em up; it’s more likely that your vulnerable systems containing customer payment data or money will be their target. Why? Because for criminals, they’re easier to hit, the risk of detection is lower, and potential profits are much higher. Thieves can grab your money or customer data and ride off into the sunset before anyone even knows anything’s happened. What’s worse, a data breach or cyberattack can potentially have ramifications that extend far beyond simple economic loss: loss of reputation, inability to continue operations, and identity theft. As a non-profit, you may feel that your organization is not a target for cybercrime, but charitable institutions are no less exposed to these most modern of risks than any other type of organization. Here are some things to consider.

  • “Our website is not commercial.” Even if you’re not set up to take donations or collect membership dues online, you may still have exposures to risk. For example, many organizations do their own web design or have it done by volunteers. Images and music inadvertently used without permission can give rise to claims of copyright infringement. Due to their often unsupervised nature, discussions on chat rooms and message boards can result in controversy which can result in claims for personal injury and defamation of character. Typical general liability policies available from commercial insurers do not cover these sorts of risks, so even if your organization already has a commercial policy, you may not be protected.
  • “We don’t keep sensitive client data.” In fact, organizations often fail to recognize what data truly qualifies as sensitive (it’s broader than you think). Identity thieves are very interested in gaining access to client information such as phone numbers, email addresses, driver’s license information—in short, much of the same data that charitable organizations have on file.
  • “We only store our data in paper files.” Obviously, paper files can still be stolen. While there is specialized coverage available out there, most commonly available insurance policies don’t automatically cover data loss or loss of important papers.
  • “Our computers are only used for email.” Generally, what hackers are looking for when assessing a potential target is twofold: the vulnerability of the target and the potential payoff of a successful attack. Any point of entry into the organization’s computer system is a potential vulnerability, and one of the easiest points of entry is email. These “Phishing” attacks attempt to gain access to secure systems by impersonating trusted third parties in email messages and tricking employees into divulging passwords or other sensitive data in their reply. Phishing attacks have a high rate of success because the target, the front-line employee, may not have had cybersecurity training, may not recognize a specific communication as a phishing attack even when it is, and may not know how to adequately deal with the threat in time even in the event that they are able to recognize it. Municipalities are often targeted by these sorts of attacks.
  • “We have no website or social media.” Even if your organization has no digital footprint, there are still vulnerabilities. An employee or volunteer might open a malicious email attachment, or visit an infected website accidentally. It’s not unusual for organizations to be hit with “ransomware” attacks which lock down affected computers. Thieves then demand a specific sum in exchange for unlocking them, or threaten to release damaging information if the money is not paid.
  • “We’re too small. They wouldn’t be interested in us.” In fact, hackers tend to have an array of potential targets in mind, which they choose based on a number of factors—for example, the target’s level of preparedness, size, potential payoff, and geographic location. Large, well-known organizations may promise a bigger potential score, but as they also tend to train employees better and have more sophisticated systems in place to protect themselves, they pose a harder target. A hacker might want to add a string of low-risk, reliable scores from smaller organizations such as yours to diversify their portfolio (so to speak).

As we’ve attempted to show, all organizations which use digital technology or handle customer data can be vulnerable to cybercrime.

Our Hackinsure policy offers protection against emerging cyberthreats, with a basic policy starting at $300 looking something like this (higher limits are available).

If you think your organization might benefit from the extra peace of mind offered by Hackinsure, Please contact us.

 

RELATED BLOG POST:

4 WAYS TO PREVENT CYBER ATTACKS IN THE CREATIVE INDUSTRY

Topics: Cyber Insurance

Mandatory Data Breach Law: Get Protected with Cyber Insurance

Posted by Lynne Godfroy on Aug 15, 2018 4:39:11 PM

cyber law

cyber law insurance / The Digital Privacy Act

What does the federal mandatory data breach notification law mean for your small business?

The law, The Digital Privacy Act, went into effect on Nov 1, 2018, and applies to all businesses that hold identifying information of employees, customers, members, or vendors. In the case of a breach, business owners are required to notify the affected individuals as well as the Office of the Privacy Commissioner of Canada. It’s easy to think that these risks and responsibilities only apply to large businesses, but in fact ‘personal information’ can include something as small as an email address as well as credit card details. As the skills of hackers have grown, it’s become an important part of business management to understand and mitigate the risks in the digital world, no matter the size of the company.

Research shows that roughly 30% of small businesses have been targeted by hackers because their online security is often not as robust as that of a large corporation.  Apart from reputational damage, which can ruin small businesses, there can be significant costs associated with fixing the breach after legal bills are paid, IT professionals hired, and staff time accounted for as they divert from their normal duties to attend to the crisis.

What can a small business owner do to protect his/her business from cyber hackers? Front Row Insurance Brokers provides cheap online cyber insurance coverage that protects against hacking, theft, fraud, business interruption, and legal, technical, or forensic services. Hackinsure starts from only $300 CAD annually and takes about 5 minutes to get your policy.

Topics: Cyber Insurance

Transfer Cyber Risk to Cyber Attack Insurance

Posted by David Hamilton on Jul 31, 2018 3:32:07 PM

cyber attack insurance

cyber attack insurance

As noted in the media in recent years, cyber attacks have become an increased threat to the cyber security of a business. 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.

Fortunately, there is a way that you can protect yourself against cyber crime by purchasing Cyber Insurance otherwise known as Data Breach Insurance. Front Row Insurance has recently launched a new product called Hackinsure.

Hackinsure offers the following cyber security protection:

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

Coverage starts at $300 for the year, but you can save $50 by using the following coupon code: DICEHACK$50.

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A basic policy would include the following options, with higher limits available:

COVERAGES LIMIT DEDUCTIBLE
Cyber Incident Response Limit $100,000 $1,000
Cyber, Privacy & Network Security Liability $100,000 $1,000
Regulatory Proceeding $100,000 $1,000
Non Panel Response Provider $10,000 $1,000
Business Interruption Loss & Extra Expense $10,000 $1,000
Contingent Business Interruption Loss & Extra Expense $5,000 $1,000
Network Extortion $10,000 $1,000
Digital Data Recovery $10,000 $1,000
Payment Card Loss $100,000 $1,000

Coverage can be purchased online through our website at http://hackinsure.frontrowinsurance.com/. If you have any questions regarding the coverage, please don’t hesitate to give us a call.

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides cyber insurance for the lowest possible cost. Should a claim occur, Front Row ensures that business rental insurance client receives the money they are owed per the office insurance policy, as quickly as possible. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.

Topics: Cyber Insurance

Hack Insurance: It's not just for big businesses

Posted by Meghan Stickney on Jul 27, 2018 3:47:05 PM


Worried about a cyber attack? Here’s what you need to know.

cyber attack hack insurance

Hack Insurance

There’s been a lot of buzz in the news lately about cyber attacks on big banks and corporations. Cyber attacks are a topic of concern not only for big businesses, and their customers, but also for the many small and mid sized businesses that make up the fabric of our economy in Canada.

In fact, 43% of all cyber attacks happen against small businesses, which means more Canadian consumers are at risk now than ever for having their security compromised by hackers. Also, because small businesses tend to allocate less budget and resources to privacy and security systems, they are the ideal target for hackers.

Computer - cyber hack insuranceSo, where does this leave your business? Well, for starters, you’ll want to ensure you’re protected against the costs and risks associated with a possible cyber attack. Front Row has recently launched an online Hack Insurance product to address this exact need. You can obtain coverage online starting at $300. And, like all of Front Row’s online products, you’ll be fully insured within a couple of minutes with no need for any meetings, paperwork, or hassle.

To help guard against the risk of a cyber attack:

  • Developing a password strategy: Using the same password across multiple devices and accounts is the easiest way to compromise security. Once a hacker gets their hands on a password, they can easily use it to compromise employee information as well as customer data, turning a single password breach into millions of dollars 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 might seem like common sense, but it’s not always. Develop a written policy about security and privacy and make sure employees are on board and understand their responsibility to protect any confidential data. No business is “too small” for a hacker - the better prepared you are, the less at risk you are.
  • And, of course, purchasing hack 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 a couple of minutes by clicking here.

If you’re looking for tips or advice on Hack Insurance, or any other insurance needs, our team is always available to chat! You can connect with us on Facebook, Instagram or give us a call.

Topics: Cyber Insurance

4 Ways to Prevent Cyber Attacks in the Creative Industry

Posted by Amanda C. Poole on Jul 19, 2018 3:48:42 PM

cyber attacks in creative industries

cyber attacks in creative industries

Content creation companies such those involved in advertising & media, film production, graphic design or animation that operate without cyber security insurance are exposed to cyber-attacks.

Any company that produces creative content usually holds sensitive information for their clients. It could be: a film production company holding scripts from writers; ad agencies holding strategic plans to formulate an ad campaign; photographers holding secret marketing campaign ideas.

4 WAYS TO PREVENT CYBER ATTACKS IN THE CREATIVE INDUSTRY:

  1. Educating your employees. All companies can take action by raising awareness through employee training. By teaching your employees: how to spot phishing email; how to properly dispose of sensitive information and having protocols to change passwords on a regular basis, the chance of preventing a cyber-attack is increased.
  2. Purchasing Cyber Security Insurance. Whether you are Sony Pictures or operating a small two person design studio, you are never going to be truly protected without cyber insurance. Sophisticated cyber hackers are now targeting small companies as bigger companies invest in better protections. 43% of all cyber attacks are now against small businesses.
  3. Being proactive. Business owners who are tuned into the ongoing cyber risks will always come out on top because they realize this is a growing exposure. 60% of small business that are hacked never recover and go out of business in 6 months after the cyber attack.
  4. Dealing with data. People don’t think they need cyber insurance because their data is backed up, on another server or encrypted. Unfortunately, anyone dealing with data has an exposure to cyber-attacks; this doesn’t ensure cyber security. 90% of all small business have no protocols in place to protect client data. Create a plan and follow it.

Need cyber insurance? Peace of Mind starts here:

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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.


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CYBER CRIME INSURANCE FOR NON-PROFITS 

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 and Halifax.

Topics: Cyber Insurance