Cyber Crime and Computer Fraud are becoming a more regular occurrence within all types of businesses in Maryland. Luray Insurance offers complete coverage for business for Cyber Crime and Computer Fraud.
What is Cyber Crime and Computer Fraud and How Can it Affect Your Business?
There are many ways you can be affected. First, someone can hack into your computer system and download sensitive files. As an example, a hacker might set up a “ghost” file on your computer. They may then be able to transfer money by changing routing numbers and account numbers on wires you set up. The money is wired to them instead of you or your customer and there is nothing you can do about it.
Second, you might be a physician or doctor’s office with sensitive patient data. If hackers get into that information and steal client files and personal information, you will have to pay an identity monitoring service and notify all of your clients in writing about the breach. Any professionals who keep private client information including social security numbers, like Dentists, Title Companies, Mortgage Companies, and Accountants need to be aware of this.
The effect can be devastating on your business. We know of a business in which Chinese Hackers got in and stole files. Your general business insurance policy may not cover this – it’s different for all policies. Some will help pay to write the letters, but won’t cover the monthly monitoring fees. This could end up being upwards of $50,000 to $100,000 in fees.
Cyber Crime and Computer Fraud Insurance offered by Luray Insurance covers:
- Money Stolen
- Cost to Notify Clients
- Cost of Monitoring Service for Clients
- Working with Credit Agencies on Behalf of Clients
- Replacement or Repair of Damaged or Destroyed Computer Programs or Electronic Data
Be aware of Employee Dishonesty
This is the final area to consider. Your employees may have access to sensitive data. They may be able to get in and steal the information even more easily than hackers. You should be covered for Employee Theft Coverage and Computer Crimes and Funds Transfer Fraud to be covered on this front as well.