How Does Your Cyber Business Policy Protect You From Phishing? 

Phishing attacks are among the most common and potentially damaging forms of cyberattacks.

Given the importance of storing, sending and managing sensitive data in cyberspace, and the potentially devastating financial ramifications of cyber incidents, understanding how to protect your business from phishing is crucial.

That’s where the right insurance can prove to be a necessary investment.

What Are Phishing Attacks?

Hackers often attempt to conceal these scams within emails and text messages, hoping to trick you and your employees into clicking on dangerous links or downloading attachments infected with harmful software.

When perpetrators’ attacks succeed, they can gain access to your systems, network and data, potentially exposing your business’s private information, as well as that of its clients, partners and stakeholders.

How Can Insurance Help?

Cyber liability insurance, also known as cyber insurance, can play a critical role in your business’s risk management and loss control efforts. In response to not only phishing attacks, your policy may render financial aid for the following losses and expenses:

• Incident response costs—Your policy can offer aid for expenses related to investigating the incident, notifying affected parties and hiring crisis management teams.

• Business interruption losses—Phishing attacks may force you to temporarily shut down your network or otherwise disrupt your normal operations, but your insurance can assist in recouping lost income and paying for ongoing expenses.

• Noncompliance fines—Depending on your industry and other unique circumstances, your business may be beholden to specific cybersecurity standards. Following an incident, regulatory bodies may issue fines, which your coverage can help pay.

• Legal expenses—Cyber incidents may often lead to lawsuits, as affected parties seek compensation for compromised data. In these situations, your cyber liability insurance could assist with attorney fees, court costs, settlements and judgments.

Get the Right Coverage

Contact Freeman Insurance Services, Inc. today to learn about cyber liability insurance or get a free quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.