Cyber Risk Insurance & Zeus

Small business exposure to Cyber risk is increasing, as is the need for Cyber Risk Insurance.  The Zeus malware is a good example, and has been busily infecting computers and stealing the bank account access information of unsuspecting victims.

What is Zeus?  Zeus is a computer program used by criminal hackers to steal information (see here, here, here and here).  It monitors the keystrokes and screens of unsuspecting victims, and sends the information to hackers.  Hackers can then use the information to steal money out of victims bank accounts.  One way hackers get the virus onto victims computers is through bogus emails, such as bogus LinkedIn invitations.  The Zeus software has even infected computers of the hacktivism group Anonymous (see here).

Two escrow company thefts demonstrate how devastating the attacks can be (see here).  One escrow company had $440,000 wired to Cyprus from its accounts, and the other lost $465,000 in a series of 26 wire transfers.

Cyber Risk insurance coverage provides protection from various risks associated with technology, including data breaches.  Policy forms are not all the same, and most do not cover loss of money.  Cyber Risk insurance is easy to obtain, provides broad protection and is inexpensive (see here, and our prior post here).  Our range of markets can provide Cyber Risk and Technology Professional Liability to all types of technology exposures.

Specialty Insurance Expertise: Tennant Risk Services
Supporting Insurance Entrepreneurship: Tennant Capital Partners

Comments

[Insurance San Diego]

Thanks for sharing such great information about the zeus software. Cyber Risk insurance is growing day by day in order to protect our valuable websites?

[Auto Insurance Agents In Binghamton, NY]

Excellent post. I was checking continuously to this website and I’m very inspired! Extremely helpful information. Thanks for sharing. Auto Insurance Agents In Binghamton, NY

[4autoinsurancequote]

I honestly do not think cyber risk insurance is a huge need. You just have to be careful with who you do business with. Obviously, I would never wire $500,000 to an account in Cyprus (like the example above showed). A bit of common sense could prevent a lot of this.

[John Stark]

Insurance is my specialty but I am unsure what category of insurance cyber insurance would fall under. Where would you get cyber insurance? How expensive would it be? Is it necessary to get cyber insurance if you have a website? How can you lower your cyber insurance premium?

[insurance settlements]

This blog is very informative thanks for sharing it.

[Lisa Donaho]

Great informative blog!