Last month, the CrowdStrike software update caused major disruptions in many businesses and led to a substantial number of cyber claims reported. Unfortunately, not all businesses have the proper coverages in place to protect themselves from disruptions such as this one. Normally, we think of cyber insurance covering malicious cyber-attacks and getting hacked. However, the disruptions caused by the CrowdStrike software update is an example of a cyber incident that was not malicious or related to a security breach. This situation is one that is not normally associated or initially thought of when thinking about cyber insurance and what it can provide protection for.
If you are interested in learning more about the CrowdStrike software update, check out this article from CNN here.
Cyber insurance can provide coverage for business interruptions, funds transfer fraud, cyber-crime, and more.
Cyber insurance has become an increasingly more critical coverage to have. We want to be proactive in ensuring that our clients qualify for cyber coverage. Below are some things that rates are based on or that certain carriers require for Cyber coverage:
- Multi-Factor Authentication (MFA): a method of authentication that requires two or more forms of verification before successfully logging into an account.
- Endpoint detection and response (EDR): technology designed to monitor and respond to cybersecurity threats
- Dual Authentication for wiring funds
- Data back up
Interested in cyber coverage or want to review your current cyber coverage to ensure you are properly covered? Give us a call! We are happy to help with all cyber related questions.
