In business, a tailored solution is important. One size doesn’t fit all — whether you’re talking about conference attire or managing business risks. Cyber insurance is one area where the wrong fit can be particularly risky.
Different industries face different risks, so it’s important to choose protection that’s tailored to your business needs. The same off-the-shelf solution would be hard-pressed to address the diverse risks of a law firm, auto dealer and hospital. In many cases, the result would be that each business would face certain exposures not covered by a catch-all solution.
At CyberLock Defense, we’ve thought a lot about the cyber risks our clients face and responded to the need with a more customized insurance solution. Here’s a look at how cyber insurance from CyberLock Defense is especially tailored to the unique risks you face in your business.
The Cyber Threat to Business Industries
When business leaders ask which industries are vulnerable to cyber attacks, they’re often surprised by the answer: all of them. Last year, the White House released a fact sheet which highlights the importance of cybersecurity to businesses everywhere.
Businesses in every industry rely on computer systems and data to meet the needs of customers and clients. However, your business’s digital property is valuable not only to you but to cyber thieves, as well.
Cyber thieves target businesses in many industries, but the specific risks can vary. A tailored response is usually needed to protect against your specific vulnerabilities.
Cyber Insurance for Auto Dealers
Believe it or not, automotive businesses have been a key target of cyber criminals in recent years. Dealerships have lost wire transfers, millions of customer records and entire computer systems to hackers. Between 2017 and 2018, the cost of cyber attacks within the broader automotive industry rose 47%, to an average of $15.8 million per organization.
CyberLock Defense offers coverage specifically designed to help protect businesses in the automotive industry. This one-of-a-kind coverage protects automotive and motorcycle dealerships, aftermarket and other auto dealer businesses with coverage limit options for cyber theft, social engineering, cyber extortion ransomware and more.
Cyber Insurance for Legal Professionals
In May of 2020, one of the largest entertainment law firms in the country, Grubman Shire Meiselas & Sacks, was shuttered by a ransomware attack that stole and leaked gigabytes of data on the firm’s famous clients. Smaller firms have also been hit, with files locked up and pressure to pay large ransoms to avoid exposure of case files related to family law, juvenile law and criminal defense.
CyberLock Defense has coverage to help protect law firms, lawyers and other legal professionals from these and other risks. Comprehensive and affordable coverage is available to help you safeguard client information, privileged case details, financial records and other sensitive data against cyber theft, social engineering, cyber extortion, ransomware and more.
Cyber Insurance for Medical Professionals
Healthcare businesses face increasing attacks from cybercriminals, after a decade spent modernizing medicine. Highly sensitive patient data is frequently targeted for ransom and theft. Nearly one out of six cyber claims now comes from a healthcare business at incident costs of $71.6 million for 2021.
CyberLock Defense offers coverage to help protect medical offices, doctors and nurses, clinics, staffing groups and more. Coverage helps protect against the risk to digital copies of patient medical records, contact details, payment info and other sensitive data from cyber theft, social engineering, cyber extortion, ransomware and more.
Cyber Insurance for Managed Services Professionals
The need to work with digital copies of client information, account details, financial records and other sensitive data means that MSPs now also face a heightened risk of cyber attacks. From social engineering and phishing to crypto-jacking, hackers have targeted MSPs to get at proprietary data as well as data of clients.
CyberLock Defense offers coverage to a wide variety of MSPs, designed to protect against the rising cost and frequency of the threat. Our industry-based coverage offers a variety of options to protect against cyber theft, social engineering, cyber extortion, ransomware and more.
Cyber Insurance for Professional Services
In 2021, businesses in the professional services industry faced the highest threat from cybercriminals. With high-value data and easy-to-access systems, almost one in five claims comes from these businesses. In a recent survey of executives, 89% reported facing cyber incident costs of $1 million or more over the last 18 months.
CyberLock Defense has coverage that can help protect registered investment advisors, life agents, real estate professionals and others in the professional services industry. Our industry-leading solution can protect against cyber theft, social engineering, cyber extortion, ransomware and more.
Cyber Insurance for Your Business
When it comes down to it, the most important industry and business to protect from cyber threats is your own. In today’s world, simple tasks like answering email, storing data files and running a website can expose your business to significant risks.
Protecting your business against the increasing threat of cyber attacks should be as easy as possible. With CyberLock Defense, it is. CyberLock Defense now offers tailored coverage to suit the unique needs of more than 200 industries.
CyberLock Defense’s industry-leading Cyber Liability Insurance coverage is available with broad coverage, flexible limits and no policy sublimits, so you always have access to your full policy limits. CyberLock Defense can help cover the cost of data restoration, business interruption, IT forensics, legal expenses, public relations and more.
Discover more benefits of cyber liability insurance for your business today. Visit CyberLockDefense.com or call us at (913) 652-7520.