Data breach, ransomware attacks and cybercrime have been a serious threat to businesses for quite some time. The types of businesses that we work with here at the Landy Agency – especially real estate, accounting, legal and insurance practices – have always been an attractive target for the cybercriminal. As more businesses move to a work-at-home format due the current COVID-19 situation, it is important to remain vigilant on the cyber security front, even though we may have more pressing concerns about health and economic security.
While many businesses have used work-at-home models for some time, working at home may be a new way of doing business for many others. Employers should convey to staff the importance of maintaining all cybersecurity protocols as if they were still working in their offices.
Cybercriminals have been registering thousands of domain names using words related to “Covid-19”, “Coronavirus” and are sending phishing emails under the guise of the CDC, World Health Organization and state and local governments and health departments.
Remember, Virtually All Network Breaches Result from Someone Opening an Infected Email, Link or Attachment
Brokers and business owners who implement security methods like anti-virus software and other protective measures for the firm’s computer and email programs should mandate that agents and employees only conduct business with those approved programs – no individual google or yahoo accounts, separate websites, etc.
Some experts state that it is “when”, not “if”, a business will be compromised. Insurance products exist that will offer protection if data is lost or a wire fraud, extortion or other cybercrime event happens. Policies can be tailored to the needs of a particular business. For example, not all businesses act as custodians of funds so they may not need protection for that, but almost all businesses need some type of insurance for data breach, theft or extortion. A Business Office Liability or Errors & Omissions policy may offer some incidental coverage, though a stand-alone policy is recommended for broader protection, with premiums being generally affordable. These policies will offer coverage for notification, credit card monitoring, credit card industry fines, forensics, data restoration and more. Many also include risk management information and hotlines to help reduce the risk of a cybercrime.
John Torvi is the Vice President of Marketing & Sales at the Herbert H. Landy Insurance Agency of Needham, MA. John has been in the insurance industry, focusing on the needs of business owners, for over 27 years. He holds a Bachelors Degree from Providence College and a Masters Degree from Springfield College and is a frequent speaker and contributor to professional journals and conferences for the legal, accounting, real estate and insurance industries.
The Landy Agency is a national leader in providing non-medical, professional liability and cybercrime insurance for accountants, attorneys, and real estate professionals. John can be reached at 781‐292‐5417 or johnt@landy.com. Visit www.landy.com for more information.
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