Last year, more than 80% of cyber attacks, incidents including ransomware, were the result of remote employee protocols and logins.
Right now, more employees are being pushed out to remote work than ever before in the history of our work culture and for many of those employees, this is a brand new part of their job, a brand new way of doing their work.
Remote Workers Are a Target for Cyber Attack
Cybercriminals see this as a holiday.
This is an opportunity for them.
They’re going to be phishing. They’re going to be doing attacks on these remote protocols, testing small business, mid-market business systems to find vulnerabilities, to find weaknesses where they can grab as much information as they can because they know that for many small businesses and mid-size businesses, mass remote employee work is brand new.
The password protections haven’t been put in place. The processes, procedures, the training hasn’t been done as we try to stay safe in this very tumultuous time.
My point in telling you all this is not to scare the crap out of you, but to simply tell you that there is a solution that can help in the event that something does happen.
Nothing can be proper training, proper procedures, proper communication, employees slowing down and thinking through why they’re taking certain actions, thinking through every link that they click in every email on every website, kind of being very hyper skeptical.
Now is the time to be hyper skeptical.
Cyber Liability Insurance
If something does happen, the answer is cyber liability insurance.
There is an insurance product that insurance carriers are still writing right now despite the fact that they know an influx of claims are going to happen because cybercriminals are targeting businesses right now.
Carriers are still writing these policies and you can still purchase these policies to cover risks that happen from any time from the time you purchase that policy into the future and those policies are not necessarily expensive.
That all being said, this is not an ad for my business, Rogue Risk. Obviously, we’re working from home as well, so we’re dealing with the same issues that you are.
This is a public service announcement. Call your insurance professional if you do not have cyber liability insurance.
Even if you do, call and verify that you have the coverage, verify that you have all the necessary endorsements to that policy unique to your business and unique to the things that your customers are doing.
This is one more thing you need to think about, which is annoying. Insurance is never what you want to think about. I know that.
You have to worry about revenue, you have to worry about keeping people on staff, you have to worry about paying your bills.
You have a million other concerns that are keeping you up at night that aren’t insurance-related.
All I want to do is put in front of you the idea that in the event that something does terrible happen, a stacked tragedy on top of what’s already happening to our world, which would be a cyber attack, a ransomware attack, a malware attack on your system, someone breaching your data and ripping the information of your clients out.
If that happens, God, it’s a punch in the gut that you just don’t need, but if it does happen, cyber liability is going to be the only insurance policy that’s going to respond.
Your general liability, your business owner’s policy is not going to respond to this kind of attack. It’s not going to respond to this kind of claim. Cyber liability insurance is the only solution.
I just wanted all the business owners, particularly in New York state, to understand that this was a concern and it’s something that you should be thinking about if only for the brief hour or two that it takes you to get a quote and get the policy in place.
I hope everyone is safe and remains healthy and we can make it through this time and move forward and support your local businesses. All of them.
We all need each other right now.