Phishing Attacks Targeting Your Business? Get Cyber Insurance!

Phishing attacks are among the most prevalent and potentially harmful types of cyber threats. With the growing necessity of handling sensitive data online, the financial impact of even a single cyber incident can be severe.

Fortunately, by understanding cyber insurance and retaining the right coverage, you can financially safeguard your business from phishing and limit resulting monetary losses.

What Are Phishing Attacks?

Phishing messages are often disguised within emails and text messages to deceive you and your employees into clicking on malicious links or downloading harmful attachments. If successful, these attacks can infiltrate your systems, networks and data, potentially compromising your organization’s confidential information along with that of other parties with whom you’ve conducted business.

How Can Insurance Help With Phishing?

Cyber liability insurance, also known as cyber insurance, is crucial for managing risks and mitigating losses related to phishing attacks. Although your coverage cannot prevent phishing attacks from occurring, your policy can provide financial support for various losses and expenses in the aftermath, such as the following:

• Incident response costs—Your coverage may help with expenses related to investigating an incident, notifying affected parties, and hiring crisis management teams.

• Business interruption losses—Your coverage can render assistance in recovering lost income and covering ongoing expenses if a phishing attack disrupts your operations.

• Noncompliance fines—Your insurance may help with fines issued by regulatory bodies if your business fails to meet cybersecurity standards.

• Legal expenses—You may also have access to support for attorney fees, court costs, settlements and judgments if lawsuits arise from compromised data.

We’re Here to Help

Contact Eastern Carolina Insurance Services Inc. today to learn more about cyber liability insurance or compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.