The Evolution of Cyber Insurance
Cyber insurance continues to be one of the most essential types of coverage organizations of any size need. Whether your business is a mom-and-pop coffee shop with a handful of employees or a well-established organization with tens or hundreds of workers, cyber threats can have significant consequences.
Cybercriminals constantly change tactics to thwart cybersecurity protocols and access sensitive information. With more sophisticated ransomware and tactics that utilize artificial intelligence, cyber insurance is one of the most rapidly evolving portions of the commercial insurance industry.
Cyber Insurance Terms to Know
Knowing the most up-to-date cyber insurance terms will ensure you and your business stay protected.
- Cloud Jacking: With increased reliance on cloud products, cloud jacking continues to gain popularity amongst hackers. Through cloud jacking, cybercriminals can access your accounts and steal or manipulate data.
- Phone Bombing: Phone bombing overloads victims’ phones with relentless calls that prohibit routine communications and operations.
- Distributed Denial of Service: This type of attack occurs when hackers overwhelm a business’s website through fake online traffic, stopping legitimate users from accessing the site.
- Triple Extortion: Triple extortion is a type of cyber attack that threatens a victim from multiple angles to increase the odds of receiving a ransom payment. The attacks often include data theft, encryption, and distributed denial of service simultaneously.
- Incident Response Plan: An incident response plan is an organization’s detailed list of steps to take after a substantial cyber security threat is detected or a breach occurs.
- Software Patching: Between major software updates, software patching provides minor updates and bug fixes to ensure security remains top-notch.
- Business Email Compromise: Business email compromise is a type of phishing attack that involves gaining access to company email accounts and using trusted relationships to persuade employees to provide private information or money.
Let Us Help You Stay Cyber-Secure!
We want to help you stay ahead of cybercrime trends to ensure your business remains secure. If you have any questions about cyber insurance, please contact Steve Longenecker (303-808-9351 x2) at Mountain Insurance: Longmont.
We give out $25 gift cards for referrals that become our insurance clients.
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