Know Your Cyber Threats

Every business that uses the Internet, accepts credit cards, or uses a system network should be aware of these prevalent dangers that can threaten your business.

Fraudulent Funds Transfer   The loss of money due to an unauthorized user instructing your bank to wire funds out of your account. The loss can be initiated by a computer hacker or a renegade employee.
     

Ransomware Attack   A global term for any computer virus used to deny access to a computer’s system, data or files by the owner or authorized users. In exchange for its release, criminals typically ask for some form of payment or ransom, usually in bitcoin, which is untraceable.
     

Social Engineering   The practice of tricking an employee into revealing sensitive information or sending money to an unauthorized recipient. One popular form of Social Engineering fraud occurs when criminals trick an employee into sending them money by impersonating a business vendor, customer or senior/C-level executive.
     

Cyber Business Interruption   An operational business failure due to a cyber attack. This differs from traditional business interruption because it is triggered by a non-physical event.
     

Data Breach   Refers to maintaining the integrity of your computer systems, network and data. A good network security platform restricts access to your network, and prevents malware from entering your system and/or spreading through your system.
     

Network Security   An incident in which information is stolen or taken from the owner without his/her knowledge or permission. If
the stolen information includes the names, and medical or financial records of individual persons, the owner of such information—in most states—has obligations under the law to address the breach and notify the impacted individuals.
     

Website Media Liability   A form of errors & omissions insurance that provides coverage for publishing acts, such as:
• Defamation, libel, slander, disparagement • Invasion of privacy • Advertising Injury (some forms)
• Plagiarism • Copyright infringement
Media coverage in cyber policies primarily addresses exposures arising from material distributed on company websites and social media accounts (electronic media).