Over the last several years, cyber liability coverage has evolved from just insurance for information      technology companies to coverage that nearly every class of business should have if they don’t already. From retailers, banks, contractors, distributors, restaurants and medical offices, many businesses are unaware of the great security technology exposure they face. Recent state laws require companies that have experienced a security breach to notify all customers that could be affected by the breach that their information has been compromised, even if the information hasn’t been used. In most cases, the    notification also requires an option of one-year credit monitoring services and a new card or account      number for customer. Costs can be as much as $250 per individual breach.

In Oregon a private company experienced on line bank fraud and lost $75,000 in one day. This new cybercrime is directed to small and medium businesses. The scam is called pushing and involves unsuspecting companies being lured into installing malicious software. This download looks likes it is coming from a bank or other financial institution. The malicious software hides itself and records everything the person does on their personal/business computer. It records user names and passwords for every kind of transaction, including wire transfers The software will then forward the stolen data along with digital   certificate information to the thief who will promptly use the information to transfer funds out of the organizations bank account. As of October 2015, U.S. small businesses have had over $100,000,000 in losses.

Most business insurance policies do not cover computer fraud by a third party or the liability arising out of a cyber-attack. The good news is solutions are available. Make sure your crime policy has electronic crime and fraud coverage with appropriate limits.

Cyber Insurance

We can provide your firm with the right combination of pricing and coverage. Cyber insurance is available at very reasonable premiums. Many of our companies offer coverage to help protect your business from loss.

Christian Ministries Insurance was created specifically to serve Christian churches, schools and other related ministries. Our mission is simple; provide comprehensive insurance products at competitive prices while building a solid relationship with our clients. We do this through our day to day service, scheduled meetings, quality risk management advice, training and prayer for you and your staff. We are a faith based business, dedicated to help your ministry fulfill God’s vision.

Tags: church liability insurance, cyber, oregon church insurance, Risk Management

This entry was posted on August 21, 2017 at 4:06 pm. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Posted in Church Insurance Church Risk Church Safety by Scott Stuart Comments Off on Cyber Risk Update