Small business exposure to Cyber risk is increasing, as is the need for Cyber 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 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 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 and Technology Professional Liability to all types of technology exposures.
eSpecialty Insurance is your specialty insurance expert. We have developed a streamlined marketplace to provide multiple proposals from a range of competitive insurers, along with expertise to help you evaluate your exposures and choose the best combination of comprehensive coverage and price. We look forward to working with you.
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?
Posted by: Insurance San Diego | August 14, 2012 at 04:24 AM
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Posted by: Auto Insurance Agents In Binghamton, NY | July 25, 2012 at 12:58 AM
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.
Posted by: 4autoinsurancequote | July 20, 2012 at 12:17 PM
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?
Posted by: John Stark | June 27, 2012 at 02:16 PM
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Posted by: insurance settlements | June 18, 2012 at 05:09 PM
Great informative blog!
Posted by: Lisa Donaho | June 17, 2012 at 12:42 PM