In basic terms, cyber crime is a blanket term for any type of activity of a criminal nature that is carried out using a computer and/or the internet.
Cyber crime includes all of the following:
- Identity theft
- Cyber stalking
- Use of malware
- Use of viruses
- Computer and network hacking
- Online scams
- Phishing scams
- Information theft
- Identity theft
When you consider that almost all businesses have an internet presence or make use of the internet in their everyday business dealings, it becomes pretty clear that cyber crime presents a risk to even the smallest businesses. And criminals don’t necessarily need to hack your systems to commit cyber crime; if they manage to get their hands on a laptop, iPad or mobile phone belonging to your business (either because it has been stolen or left unattended), they have easy access to your information and are able to more easily commit their crimes.
What does cyber insurance cover?
Although policies will vary between insurers, a typical cyber insurance policy is designed to help you with both preventing breaches in the first place and dealing with them if and when they occur. Cyber insurance policies usually include the following:
- The cost of restoring or recreating electronic data following a breach or leak
- Forensic services to investigate a breach
- PR coaching in the event a breach harms your business’s reputation
- Assistance guarding against data breaches, hacking and employee error
- Guidance on how to respond to a breach
- Funds to cover the adverse financial effects related to a breach
- Funds to cover any fines that might be payable following a breach
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