As the use of technology is on a rapid incline, so are cyber-attacks and identity theft. We have all experienced or heard stories of being told we have millions of inheritances due to us if we wire a fee over or have been sent a link or email requesting to verify our information. Unfortunately, the scammers are getting better and better, and we need to protect ourselves. So, what is cyber security and who needs it? Simply put, cyber security is the protection of networks, programs, devices and data from attacks and unauthorized access. Everyone from individuals to companies are at risk, and the benefit of being protected greatly outweighs the cost.

While there is no way to completely safeguard yourself or your company from cyber-attacks, it is good to know the most common attacks. They may vary slightly from personal to businesses, but it is the same premise of trying to obtain information or something of value.

Cyber Extortion – the demand for money with the threat to damage, disable, deny access, or ruin content from devices, systems, or data. Or the demand for money to fix the damage already done.
Data Breech – the loss, theft, or accidental release of personal information.
Fraud – unauthorized use of card, card number or account number.
Malware Attack – Programs or codes that are designed to be harmful to your network, computer, and other systems.
Phishing – when the attacker acts like a company or a trusted email sender requesting confidential information via a link or email.

The good news is that there are options to help you stay vigilant and covered in the event of a cyber-attack. Some cyber protection options include:

Personal Cyber Security added to your homeowners’ insurance. The plan coverage can range from $25,000 – $250,000 and covers extortion, financial loss, and personal protection. Annual premiums range from $100 – $600 a year.
Business Cyber Security will cover lost business revenue, data recovery costs due to extortion, money lost due to fraud and defense against privacy lawsuits. Levels of coverage vary depending on the amount of client information stored in systems and network. Premiums will vary based on coverage.

The next time you are asked to verify your personal information by clicking a link, think twice! That one click can cost you or your business thousands of dollars, a headache and possibly a bad reputation. Get ahead of it and consult with your insurance agent to speak more about ways to protect yourself.

For more information contact:
Paul Kraemer
Senior Risk Advisor, The Starr Group
pkraemer@starrgroup.com 414-421-3800 x4827

Alex Kernen
Personal Insurance Account Manager, The Starr Group
akernen@starrgroup.com 414-421-3800 x4822

Cyber Security