As a valued client of Northern Insurance Solutions (NIS) we wanted to write and inform you of the increasing importance of having Cyber Insurance as part of your overall insurance portfolio.
At Northern Insurance Solutions we have seen an increase in cyber claims in the past few months, highlighting the growing need for this coverage.
In today’s digital age, the risk of cyber attacks and data breaches is greater than ever before, and the consequences of such an event can be devastating for both individuals and businesses.
Without Cyber Insurance, you may be left to bear the full financial burden of a cyber attack, which can include the cost of restoring lost data, notifying affected customers, and even defending against legal action.
Furthermore, the cost of a data breach can be significant and can cause a huge financial or reputational loss to a business.
Recently, through the broker network, we’ve have heard of numerous cyber incidents that occur where a client is misled into paying a premium invoice that did not come from his insurance broker.
The fraudster emails the client stating that the broker has changed their bank account, and to make payment to this new bank account which causes the client to lose thousands of dollars.
It is important to note that our brokerage would never change our bank account without directly informing you, the client, through multiple forms of communication. As a precaution, always verify requests for changes in payment information with Northern Insurance Solutions on (07) 4783 1310.
Other methods that fraudsters are using to steal information and money include but are not limited to the following:
- Phishing scams: Hackers use fake emails or websites to trick people into revealing sensitive information, such as login credentials or credit card numbers.
- Malware attacks: Malicious software, such as viruses or ransomware, can be installed on a computer to steal information or hold it hostage.
- Social engineering: Hackers manipulate individuals into divulging confidential information through tactics such as impersonation or manipulation.
- Man-in-the-middle attacks: Hackers intercept communications between two parties to steal information, such as login credentials or financial information.
We strongly recommend that you consider adding Cyber Insurance to your insurance portfolio.
This coverage can provide protection for a wide range of potential cyber risks, such as data breaches, cyber extortion, and network interruption.
In addition to the financial protection it provides, Cyber Insurance can also offer access to experts in incident response and crisis management who can help you minimise the damage and get your operations back to normal as quickly as possible.
Northern Insurance Solutions have also implemented a number of measures to increase our resilience to cyber crime and to protect your information.
- Improved local computer security software (Internet Firewalls).
- Updated our Internet usage procedures and staff training.
- Ensuring that our Broker Software is using intrusion prevention software to monitor login attempts is a way to protect the server against brute force attacks.
- Controls across security passwords to control access to computer systems where your information is stored.
Cyber Insurance has become as important as your commercial vehicle insurance. Let our team walk you through the various options and help you to bundle an insurance package that suits your specific needs.
Please do not hesitate to contact us if you have any questions or would like to discuss your Cyber Insurance options further.
We’re here to help
Call our Ayr office today on 07 4783 1310 to talk about Cyber Insurance.
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