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Download The 5 Things Your Insurance Broker Will Not Tell You That You Need to Ask.
It was late November when I got the call. It was Friday night; my client had been “attacked” by a foreign government. They were holding his data ransom for $500,000. He stated, “I don’t think we bought Cyber Insurance coverage, but can you check.” We chatted about his next steps to help minimize the damage, we hung up, and I sent a note to my team.
The next morning, our team pulled his program. We had put a small cyber endorsement knowing the extent of potential the threats. We had discussed a larger, more comprehensive cyber program, but he was confident in his back up procedures. He didn’t see a need for additional protection.
We were able to help him with a few items after the attack. We paid about $45,000, but we were not able to help him with the ransom. The event almost put him out of business. This is not a mega firm; this is a small business. Hackers no longer care about your size; they care about how much they can get if they can lock up your data.
I’ve been speaking on cyber insurance for a few years. Even before it became a “thing,” I was talking to anyone that would listen to my warnings. I received a masters degree in information and communication sciences. So, I’ve been a student of the technology industry for years.
We have found what we believe the broadest form of protection on the market. No two cyber insurance policies are the same. If you think you have cyber insurance, it might be worth a conversation with our firm to confirm you have what you think you have.
We have a one-page application that can be completed in less than 5 minutes. The program includes up to 3 million of cyber protection and covers the swatch of exposures now occurring daily. If you own a business and do not have cyber liability, you need to stop what you are doing and call our firm or send a quick email. This is the most important thing you will read today. No matter the extent of your backups, your firewalls, your protections that your tech firm tells you they have in place, you are exposed to the world.
It simply takes one employee to click on something they should not click and your world, as you know it, can end. Don’t suffer and don’t add many sleepless nights to your life. Pick up the phone, call us and let’s make sure when you do get cyber attacked, you have the necessary insurance coverage.