As new cases of the Coronavirus continue to be reported daily, cybercriminals have been leveraging the situation to take advantage of people and businesses who have quickly transitioned to remote work, often without putting cyber security best practices in place.
Ransomware, fund transfer fraud, and email compromise make up 80% of cyber claims. The average severity of a cyber attack is $60,000; however, this figure can quickly increase without insurance. 
As the coronavirus continues to spread, more people are being asked to self-isolate and many employers are scrambling to put systems in place to allow their employees to telecommute.
Companies that are not set up for telecommuting arrangements have legitimate concerns about productivity, communications, and even the possibility of workers' comp claims stemming from home hazards that may not be typical in the workplace. But there are steps you can take to make sure that you keep your employees engaged and on task. 
In some instances, a commercial crime insurance policy may offer coverage for a loss due to a cyber-attack. The 11th U.S. Circuit Court of Appeals in Atlanta has ruled that an insurer must indemnify a policyholder that was scammed out of more than $1.7 million in a phishing incident under its commercial crime policy.
As attacks on businesses' networks continue at unprecedented levels, cyber risks have become the top concern among organizations of all sizes for the first time, according to a new survey.
The "Travelers Risk Index" found that 55% of executives surveyed said they worry "some" or "a great deal" about cyber risks. That's more than they worry about medical cost inflation (54%), employee benefit costs (53%), the ability to attract and retain talent (46%), and legal liability (44%).  Fraud takes many shapes and forms, among them corporate fraud, consumer fraud, tax fraud, identity theft, and many others. According to ACFE (Association of Certified Fraud Examiners), organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, costing the world $3.7 trillion each year.
International Fraud Awareness Week is a global movement to minimize the impact of fraud through awareness and education. 
If someone is using your personal or your company's financial information to make purchases, get benefits, file taxes, or commit fraud, that's identity theft.
We were recently contacted by a client who was the victim of a scam in the area where someone is buying cell phones using a businesses’ EIN (Employer Identification Number). The insured does have Identity Theft Expense Reimbursement coverage; however, no expenses were incurred. While insurance is still necessary and important, it's just one part of protecting yourself and your business. One of the best things you can do is to take steps to protect yourself before identity theft occurs. The website Fraud.org offers many tips on how to do this, including:
If you are a victim, take the following steps to report the fraud:
For additional information, the Federal Trade Commission put together the document, "Identity Theft - A Recovery Plan," to guide victims of identity theft through each step of the process. 
In the business world, barely a week goes by without a major cyber incident happening. To help guide businesses toward cyber preparedness, Hiscox has come out with its 2019 Cyber Readiness Report.
This year’s report shows that of the companies surveyed, most experienced one or more cyber attack in the past year. The cost and frequency of these attacks have increased significantly, as well as the risks involved for small and medium sized companies. 
Crime Insurance has been around for decades with a focus on protecting companies from employee and vendor theft, fraud and forgery.
By contrast, Cyber Insurance was created to protect companies from damages occurring from cybercrime. The first cyber policies covered such things as customer notification, credit monitoring and other related services, as well as third-party liability. 
With the number of data breaches increasing every year, it’s not a question of if your business will suffer a breach, but when. The threat affects companies of all sizes and in every industry, including manufacturers.
As the number of data breaches involving smaller businesses continues to grow, a survey by The Hartford finds 85% of small business owners said a potential breach of their own data was unlikely, and many are not implementing simple security measures to help protect their customer or employee data.
|
Company |
|
Partner Agencies
|
|
|
|
|
© COPYRIGHT 2020 Molyneaux Insurance