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.