If you are like most people, we are spending more time on the internet today.

Why? We are reluctant to go to the store to shop, so we use the internet to buy groceries, gifts, necessities and even restaurant take-out.

While we may take the internet for granted and feel safe and secure, the internet can often be analogous to leaving your front door wide open! The internet is a dangerous place when it comes to your finances, whether personal or business-related.

While paying bills or making purchases or just surfacing, our entire identities are on the web.

Most of us are novices using the internet yet the “cybercriminals” are professionals. They are experts at phishing and have the knowledge to attack almost any commuter. They can lock up your computer demanding ransom and can get access to your personal information.

While Cyber Insurance is readily available and will serve as a backstop to a cyber breach, it is important that you have an effective offense to minimize a potential breach. A shortlist to options to consider:

• Back up – multiple backups to the cloud and external drives
• User names and passwords – change them frequently and try not to use the same user names and passwords for multiple websites
• Thumbdrives – never permit anyone to insert their thumbdrive into your computer
• Keep technology up to date – including security software and update to operating systems and software
• Avoid downloading music and videos from a rogue
• Sensitive and private information – consider moving it to a cloud provider

So you think you are well protected! Think not. Major corporations such as Equifax and Target have all sustained major cyber breaches. These firms certainly have very competent IT personnel yet they are vulnerable just as you are.

Cyber Insurance – what does it cover? A sample of the coverages is listed below. Some insurance carriers have even contracted with independent vendors to assist with these coverages listed below:

• Recovering compromised data
• Repairing systems
• Restoring the personal identities of affected customers (for businesses)
• Notifying customers of breaches
• Reimbursement for business interruption, extortion or forensic investigation

For businesses, there is a first party and third party coverage. The first party covers direct losses to a business while the third party extends coverage to a business for claims and legal action taken by customers

Lastly, cyber insurance is not a generic policy. Each insurance carrier has its own unique form of coverage. In addition, some may offer a choice of services and/or compensation.

Please contact our office if you would like more information about Cyber Liability Insurance