Cybercrime is a real and significant threat to companies all around the world. It does not matter if it’s a large corporation or a small business; all are targeted which could lead to a breach of your data. Without any protection, a company may risk losing their data. This data can include their financial reports, client’s confidential data and computer and software passwords. When this information is stolen, a Cyber criminal may sell this information to other corporations to use or to hold a business to ransom. A company can employ the latest and state-of-the-art software to protect the network and computers from being hacked; however, there are also insurance policies that can protect a company from potential repercussions from data loss. Not just data loss but also a loss of income, loss to others and loss to the company. The insurance protection will also include a remedy to loss of reputation. We understand why cyber insurance Melbourne is essential as follows:
It is software written for the intent of harming data, devices and people. Viruses, Trojans and spyware are different kinds of malware. It is sent via a variety of methods such as emails, links and even websites. Criminal organisations can use them on the hunt for tools to operate in the digital world and intelligence departments to access private data in computers, networks and mobile devices. A virus infects files that are clean which lead to the damage of the core of the system. Spyware is malware used to spy on a target and copy passwords, credit card numbers and surfing habits. A Trojan is a software that’s been tampered with and lets other malware into the system. It is not easy to remove malware because each has its unique way of infecting computers and damaging data.
Ransomware is a type of malware that prevents people from accessing their files or system. It demands that a ransom payment is made to regain access to the data. The fee can be made by credit card or crypto currency. Malicious spam is one of the ways to infect a computer, and the email will have an infected PDF or Word document. Another channel to use is getting people to click on links that appear legitimate, from a trusted friend or company. Redirecting website visitors to criminal servers without their knowledge to capture data about the computer user. Different types of malware include Scareware, Screen lockers and Encrypting ransomware. Scareware is when a pop-up message from a software company targets a user and solicits them to pay to remove malware from their computer. Screen lockers lock you out of your computer and pretend to be from local authorities. Encrypting ransomware is being hacked, and your files are taken and encrypted. There will then will be a demand for payment to remove the encryption.
DDoS or distributed denial of service attack is an attack in which multiple compromised computer systems attack a server or a website. They cause a denial of service for the computer user of what resource they want to use. The incoming messages and connection requests slow the computer down which will lead to its crash or shutdown. Such attacks are used by hackers, organised criminal organisations and government departments. One of the DDoS attacks to know about is volumetric attacks that overload a resource by consuming bandwidth; Application layer attacks databases with a high volume of application calls. Protocol strikes transport layer protocols to overwhelm targeted resources.
When these attacks occur, a good Cyber Insurance Policy will respond by working with you to minimise the disruption to your business and cover the costs in repairing your systems.
Cybercrime can lead to loss of income and the website or your internal systems affected can experience downtime and loss of data which also impacts the productivity of a business or its clients.
Cyber insurance will also protect you for claims against a business for loss of personal data.
All companies make use of online functionalities, sending emails to client invoices. That means that every business faces a risk online, no matter its size. Getting a traditional insurance policy will not be helpful as they are not equipped to deal with cybercrime and organised criminal hacking.
Not every company shares the same level of risks, so there are policies tailored to meet the different needs of a client. Contact Atlantic Insurance today to obtain an obligation free, Cyber Insurance quotation today.