Cyber Crime, Data Breach, Ransomware, Hacking, Jackware

By |2022-05-02T16:14:30-06:00May 2nd, 2022|

10 years ago, these terms did not mean a lot to many people in the world.  Now, most of them are a common, every day, part of our lives, except, maybe Jackware.

At The Insurance Place we work to find the correct cyber coverage for our commercial and personal lines customers!

How Can You Protect Yourself?

At one time the biggest worries were having our identity stolen.  That is and should still be our individual priority for cyber security.

  •             Keep your antivirus software up to date
  •             Keep your operating system software up to date
  •             Maintain a fire wall to protect you from externally generated threats
  •             Don’t click a link that makes no sense or looks suspicious

From the crooks’ point of view, stealing an individual’s identity has become less profitable than stealing someone’s data and holding it for ransom, i.e., Ransomware.  Even with the best cyber software it may not help if you click on a phishing email and, basically, open the door to your system for the crooks.

Most of us have seen the emails that say that our gift is now available, our grandchild needs money, a copy of a well know business logo is included to spoof us, the email appears to come from a close friend, the boss or HR.  Those who have been tricked into replying or, worse, clicking on an embedded link know what can happen next.

The news has had lots of ransomware stories lately.

The New Kid in Town is JACKWARE

Here we have Batman’s Joker or Anonymous or any of the other bad actors that simply want to destroy our business, environment, or livelihood.  It has had less publicity but has been around for at least 10 years going back to when the hackers took control of a furnace in a German Steel Mill and cranked the temperature up to 2000 degrees F and caught the building on fire.

We have watched as insurance companies first offered coverage to those companies that had customers’ personal information stolen.  Now we see their shift to providing extensive forensic coverage to dig out the virus or decrypt the data being held for ransom.  Both measures are like locking the barn door after the horses have escaped, i.e., they may help buy you a new horse but may not be able to get the back the ones that are gone.

We are seeing reduced coverages and higher premiums as the crooks get smarter and smarter.

The most recent trend is for insurance companies to partner, share and advise on data security with their insureds.  It is a bit like hiring your own security guard to guard the door and walk the premises.

Cyber criminal

Picture by unknown author licensed by CC BY

If you want to know more about the latest developments and coverages, you can contact us by:

  • Text at 720-619-2123
  • Email at info@insplace.com
  • Phone 303-232-3100
  • Click on the picture – Don’t worry I put the link there

 

 

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