Bismarck Cyber Insurance

Cyber Insurance

Cyber Security losses cost the global economy upwards of $1.5 trillion each year, and yet the majority of businesses are underinsured and under-prepared to manage and mitigate the risks of an increasingly digital world. That’s where Cyber Insurance is needed.

What is Cyber Insurance?

Cyber insurance (a.k.a. Cyber Liability, Privacy Liability, Internet Liability, Electronic Media Liability, and Network Security & Information Liability insurance) helps companies weather the storm from many technology-based risks that might impact them. This includes risks associated with a company’s IT infrastructure and activities such as systems failure, cyber attack, or data breach.

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What is a cyber attack?

A cyber attack refers to an attempt by hackers or cybercriminals to gain unauthorized access to a computer system or network in order to steal, modify, or destroy sensitive information or cause disruption. These attacks can target individuals, businesses, or even governments, and can take many forms, including malware, phishing scams, ransomware, denial-of-service attacks, and more.

Cyber attacks can result in significant financial losses, reputational damage, and legal consequences, as well as jeopardizing the confidentiality, integrity, and availability of data and systems. To protect against cyber attacks, organizations and individuals can implement security measures such as firewalls, antivirus software, strong passwords, two-factor authentication, data backups, and employee training programs.

Additionally, it’s important to stay vigilant and informed about the latest threats and vulnerabilities and have the proper insurance protection from Blue Paddle Insurance Agency LLC.

Is My Business Vurnerable?

Any business with an online presence and/or dependency on the internet should consider getting protection against cyber risks.

Using emails, having a website, storing data, having a point of sale, etc., are a few examples of having a digital presence and this list is not exhaustive. A business should ask itself if they lost all access to digital presence would they be able to function?

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How Do I Assess my business risk?

Blue Paddle Insurance Agency offers a Cyber Risk Assessment (CRA), free of charge.  In Partnership with our carrier, they will evaluate organizations the same way that cybercriminals do, using publicly available information about the organization’s security posture. Understanding these signals allows organizations to better understand and prevent cyber risk.

• The CRA includes information on vulnerabilities, compromised credentials, and overall recommendations for the insured to help them understand their risk exposure and better their own security posture. They intend for this document to supplement the insured’s existing cybersecurity program.

• When you become a Policyholder, an up-to-date version of your CRA is available at any time on the carriers site.

FAQ

Generally, we will need your name, address, phone number, drivers license number, birthdates, the auto’s VIN number and any other drivers in the home.  If you would like to enter this information into an easy to fill form click here.

Any US-based company (with a principal business address in the US) within a covered industry, and with revenue below US$1 billion is eligible to purchase insurance coverage. At this time, we are unable to provide coverage to companies in certain industries such as:
• Payment processors
• Data aggregators
• Casinos & gaming
• Cannabis/marijuana (anything with ‘direct touch’ such as growers, harvesters, dispensaries, and retail), among others

The following classes are also excluded:
• Gambling
• Adult Entertainment
• Social Media
• Cannabis
• Managed Service Providers (IT Vendors)

• Ransomware A hacker has encrypted all of your files and won’t unlock them until you pay a ransom.  Insurance covers the costs to restore your data and get you up and running again.


• Wire Fraud and Social Engineering – A funds transfer request is sent to your controller by someone pretending to be your CEO. The funds may be out the door, but at least you’re not out of pocket— we’ve got you covered.


• Phishing and Data Breaches – A hacker gains access to an employee’s email or breaches your network. We’ll cover costs to fix the problem and breach-related expenses such as credit monitoring and regulatory penalties.


• Ransomware and malware attacks – A bad actor encrypts and disables access to business-critical systems and data until a ransom payment is made. Data may also be exfiltrated and exposed if the ransom isn’t paid.


• Funds transfer fraud – A bad actor uses social engineering, sometimes in concert with phishing attacks, to cause funds to be sent to the attacker instead of the proper recipient.


• Business email compromise
Email intrusion resulting from spoofing, phishing, or spear phishing that can result in a data breach or funds transfer loss.

• Data breaches – Exposure of Personally Identifiable Information (PII) or Protected/ Personal Health Information (PHI) of your customers.


• Legal and regulatory issues – Violation of a legal or regulatory framework, such as GDPR or CCPA.


• Web application compromise – Direct compromise of a web-based product, such as an eCommerce platform, as a result of a targeted attack.


• Technology errors & omissions
A failure in the technology product or services results in business interruption or loss on behalf of your customers

Speed is critical when responding to security incidents, which is why our carrier is the only cyber insurance provider with a dedicated in-house cyber claims and incident response team.

Problem and breach-related expenses such as credit monitoring and regulatory penalties.


• In-house staff of incident responders, forensic specialists, and security engineers respond in minutes, not days, to help an insured recover from network intrusions, ransomware, and business interruptions.


• Claims
Their expert claims team includes privacy attorneys & breach coaches who can help a business navigate the recovery process — including clawing back lost funds, managing vendors and law enforcement, and ensuring their claim is paid quickly.