The Truth about Cyber Risks

In 2008, IT security company Panda Security conducted an assessment of the remittances sent from US companies to international banks. They found that 30 percent of the 1,500 computers they monitored that were involved in these transactions had virus software that was outdated. Even more alarming was the fact that 60 percent of these computers were actively infected by a virus that could have been stealing valuable information from them. That means that only 10 percent of the monitored computers were both free of viruses and protected from potential virus and malware attacks.

Cyber Theft and Your Business

Every business, even one with active anti-virus software, is exposed to cyber risks such as:

• Interception of wire transfers
• Credit card fraud
• Identity theft

You owe it to your clients to protect their data and sensitive information as you would any tangible asset that you had in your possession. But with technology changing so rapidly, it’s almost impossible to guarantee complete protection against cyber theft or fraud. That’s why a cyber theft insurance policy means so much to the success of your business—it can protect you when you are unable to protect your clients.

Hidden Risks

And while you might think your business doesn't have anything of value for a cyber thief to steal, you could be incorrect. For example consider how vital your prospect list is to your company. Without that list of would-be clients to tap into, you would have little opportunity for success in the immediate future and instead, would need to spend your time building up another list. Should a thief decide to breach your computer's security system and take this list, it could result in your prospects’ information being distributed which could erode trust between your company and your prospects and severely limit your future success. Meanwhile that prospect list could be sold to another company who could benefit from your work.

Cyber risk insurance can protect you from risks you didn't even know you faced, which is important because you don't have to be able to imagine the value of the digital information you hold in order for someone to try to steal it from you. When you are ready to protect your business and begin shopping for cyber risk insurance give us a call at Alexander & Strunk Insurance. We can help you understand exactly how this important benefit would protect your company and create a policy with an Oklahoma City Insurance premium you can afford.