The basics of cybersecurity insurance coverage for businesses

 April 21, 2020     UFG Insurance    Business 
Cyber-security 101

You use it for email, purchasing products and goods, providing information to your customers and managing vendor relationships. And you may have cybersecurity measures in place, but do you know how to spot a phishing attempt? Is your business truly protected?  

Here we look at the basics of cybersecurity insurance coverage for businesses and how we can help with our revamped cyber product. 

What is cybersecurity?

Cybersecurity encompasses all security measures taken to protect your data from criminal or unauthorized activity. This applies to both you personally and the data your business houses. This is not only limited to computer, but also keeping all cell phones, data, networks and programs secure. To help aid your efforts, you should have the following three factors set in place.
  • Training - The first line of defense for your business is to have the knowledge set to avoid any risky online situations. Properly training your staff on sites or scams is key to keeping your business’s information safe.
  • Technology - The armor to protect your business in any cyberattack is your technology. You’ll want to make sure you have the most up-to-date firewalls, antivirus software, and other security solutions to help ensure you stay safe from any intrusion. We suggest contacting a local information technology (IT) provider for help.
  • Processes - If your information is being threatened, you need to have processes and plans set in place to deal with the situation. This could include how a situation is reported along with what to do and the procedures that follow.

Types of threats

There are many types of scams alive and well, and hackers are continuously searching for their next victim. Being aware of these threats is vital to keeping your business’s information secure.
  • Phishing - The most common form of scam is phishing. These tend to be email scams aimed to lure personal information or money from individuals through fake emails. A few of the most popular ways to spot an emailed phishing attempt include requests for  sensitive information, not calling you by name (think “Dear valued member”) or you spot a few misspelled words.
  • Malware - This is a type of software hackers set up to gain access to a user’s computer and its information. This is something you do not want happening on your business network—or any network for that matter. Again, contact a local IT provider to make sure you’re protected.
  • Social Engineering - Caused from clicking on risky links or downloading malicious software, social engineering is created to trick users into giving away their personal information. The hackers essentially engineer whatever they want, from passwords to social security numbers, out of the user being hacked. 

How can UFG Insurance help? 

We understand the importance of protecting your investment and your information. UFG’s revamped cyber program includes five new internet security and privacy coverages along with online banking theft protection. Plus, it’s included on every new commercial general liability policy or businessowner policy (BOP) with a qualifying classification for a minimal charge. It includes:
  • Five broad new coverages to give you peace of mind.
  • Flexible coverage, up to $1M, depending on your risk type and needs.
  • Access to breach experts who specialize in security claims and cyberattacks.
  • Annual online training that provides a 15% discount on renewal policies.
  • Online Banking Theft coverage.
UFG independent insurance agents: Click here to read the flyer for policyholders. Policyholders, contact your agent to get access to the flyer and more information. 

We hope this information makes you more readily prepared to prevent cyberattacks. Be sure to contact your agent today—or find a UFG agent—for more information on our cyber coverage and how it can help protect your business. 

The information provided is for informational purposes only. Every attempt is made to ensure that the information is accurate; however, it is not intended to replace professional advice. For more information, see Disclaimers & Other Legal Documents.