It’s hard to feel safe on the internet, especially for business owners.
Surveys show that 76% of their respondents fear social media hacks and other online fraud. While cyber insurance is still a new concept, it is ultimately the answer to long-term digital sustainability.
The growth in social media over the past decade is massive, but people and businesses are more afraid too.
Here’s everything you need to know about social media hacks, from what it is to how you protect yourself with cyber insurance.
What is Social Media Hacking?
Social media hacking is when an unscrupulous user like a hacker gains access to your social media accounts and uses it for their purposes. This can happen in various ways, including stealing your social media passwords through phishing attempts and malware.
Using social media hacking, the hacker can do several things. They can pretend to be you and steal your money or your identity.
They can post embarrassing and damaging information for you. They can also post or say things on your behalf that you may not want people to see or make purchases using your account.
Many hackers try to use social media accounts to get access to the rest of your online accounts. For example, some have social media passwords similar to their banking or email passwords. Social media is a gateway for unscrupulous entities to attack your entire digital life.
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More People Are Afraid
According to the survey, as many as 70% of Americans have concerns about getting their accounts hacked. As many as 37% of people had their social media accounts hacked. Among these accounts, 77% were on Facebook, 35% on Instagram, and 23% on Tiktok.
These statistics are not small by any means. They are massive, and every person or business needs to be concerned about social media hacks. Hackers use social media as a gateway to hacking your entire life.
It’s hard to deny why people are more and more afraid. Many financial transactions are tied to social media, especially for businesses. Companies that use ad markets open many of their accounts to danger when they get hacked.
In the social media world, more attacks are happening now than ever. Hacking can also be costly, especially if you are in dire need of your account. People are willing to pay a lot to get passwords and access social media accounts.
Protecting Yourself From Social Media Hacks
There are several things you can do to prevent a data breach. These include updating your software, backing up your data, and keeping your anti-virus program updated. You can also strengthen your system against basic attacks and invest in quality anti-malware and antivirus software.
For companies that want better network security, several services can help you. They include managed security services and network defense. These services, however, will come with a monthly or annual fee.
Many businesses, especially large ones, invest in security measures. They hire security experts and IT specialists to prevent intrusions and breaches. However, these measures don’t always work.
For personal use, it’s essential to keep your guard up. Always keep strong passwords that are difficult to crack. Never give out your passwords to untrusted sources. Avoid clicking on suspicious links, even if they come from someone you know.
Overall, make sure you never share sensitive or personal information. This could include your social security number, credit card, or personal contact information. This is especially important for companies, but private citizens should also exercise caution.
You can use a password manager to store all your credentials. That way, you only need to remember one master key. You can log into all your other accounts and sites using that key.
Cyber Insurance Can Help
Cyber insurance was developed specifically to help protect you against social media hacks and other online risks. It’s vital for individuals and businesses with a strong online presence.
Cyber insurance is a type of financial contract that allows you to alleviate the cost of doing business online. Depending on your payment terms, this can be a quarterly or yearly payment in exchange for receiving support and compensation once you’re hacked. This transfers some risk to cyber insurance companies while giving you ways to protect yourself.
Most cyber insurance policies can help pay for various expenses, including cracking down on cyber thieves trying to steal your identity, information, and money. Your insurance package can also help pay for any reputation damage after a social media hack.
Cyber insurance can also pay for business expenses incurred due to a social media hack. This includes costs associated with cleaning up and restoring social media. It also includes attorney fees and any charges from a privacy violation suit.
Cyber insurance can help pay for ransomware too. Ransomware is when a hacker threatens to do something like blackmail you or release sensitive information if you don’t pay them.
Cyber insurance can pay for various expenses associated with such an event, but premiums for such events have increased.
Cyber Insurance Protects Your Digital Investments
Cybersecurity insurance has adapted over the years as more hacking methods become used. It became more popular as more people with an online presence demanded it.
While personal users can take advantage of such insurance, businesses tend to gain more if they get it.
Because social media and other digital transactions, like banking and shopping, have become a way of life, cybersecurity insurance has become a primary necessity. It protects you from damage after a cyber hack and any expenses that may come your way.
The best cyber insurance package covers several aspects of reputation damage. This can include the repair costs and any fees associated with lawsuits. It can also include the loss of business opportunities due to the incident.
As technology evolves, the risk for cyber attacks also grows. For companies and individuals, it only makes sense to invest in protections against those threats. With cyber security programs, you can protect your company and your personal life from certain cyber threats.
READ NEXT: How To Make Sure Ransomware Is Covered On Your Cyber Liability Policy
Who Needs Cyber Insurance?
Every individual and every business can benefit from cyber insurance coverage. You must protect your assets if you run an e-commerce store or a company with a thriving social media presence.
Individuals need this protection as much as companies do. Nowadays, almost everyone engages in some form of electronic transaction. We live in a digital world, so your online presence is just as crucial as your real-world presence.
For individuals, it helps protect them against identity theft. It also protects your credit in case you do get scammed. Also, it can cover any medical expenses resulting from a cyber attack.
For companies, it protects your business against a variety of dangerous practices. These can include business interruption, extortion, and data restoration. It can even protect you from the third-party liability many people face.
This cover can also help you with security audits, especially if you are a regulated company. The insurance company can give you a security audit of your systems and help you implement solutions to improve your overall level of security.
Is Cyber Insurance Worth It?
Investing in a security system always makes sense. The same goes for investing in the best internet security software. In both cases, it pays off in the long run. For individuals and smaller firms, it pays out well too. You can receive compensation for the losses you experience in the event of a cyber-attack.
Some companies offer different packages, depending on your needs. You can get a package that covers only the most common and common forms of cybercrime. You can also get a more extensive plan that includes other types of crime.
In general, you can determine how much coverage you need. You can purchase a higher level of coverage for a small increase in monthly premiums.
Considering the amount of damage and suffering from a cyber-attack, it makes perfect sense to have at least a basic coverage policy. While you pay an insurance premium, it can save you from much harm.
This form of risk management is essential to businesses that are dependent on their operations in the digital world. It can protect you against financial loss and damage to reputation and trust.
LEARN MORE: The Rogue Risk Way
The Rub
More and more people are afraid of getting their social media accounts hacked. While you should always be careful with your profile and keep your personal information secure, there’s always a chance of an attack.
While it’s difficult to treat every situation the same, consider cyber insurance as a way to cut down your risks. After all, your digital assets are crucial for your continuous operation.
At Rogue Risk, we believe a solid commercial insurance program provides the sustainability needed for businesses to take the necessary risks for profitable growth.
If this is the relationship you want with your insurance broker, we would love to talk to you.
- You can call or text us at 518.960.6600,
- Click here to contact us via email.
I look forward to introducing you to a new way of viewing your insurance program.
Thank you,
Ryan Hanley
Article by Sophie Young
Sophia Young recently quit a non-writing job to finally be able to tell stories and paint the world through her words. She loves talking about fashion and weddings and travel. Still, she can also easily kick ass with a thousand-word article about the latest marketing and business trends and finance-related topics. She can probably even whip up a nice heart-warming article about family life. She can go from fashion guru to your friendly neighborhood cat lady with mean budgeting skills and home tips real quick.
Photo by Joshua Woroniecki on Unsplash
