Cyber security and identity theft are not only limited to big business. Many small to medium size businesses have a very real threat of cyber exposures and it’s important to understand the scope of loss should a cyber incident – like cyber extortion – occur.

With employees working from “the cloud” and as mobile technology is mainstream, the added benefits of flexibility creates new exposures for many businesses.

REAL CLAIM EXAMPLES

• Malicious hacking of a system shutting down computer systems for an extended period of time resulting in loss of income and extra expenses

• A disgruntled employee spreads a virus into a computer system destroying data (and backup sources) resulting in expenses to investigate and recreate data

• Teenage hacker sabotages data network with Crypto-Locker type malware, and demands an extortion fee of $50,000 to unlock your own data

• Extortion demands of $25,000 to prevent your sensitive customer data from being released on the internet, to identity thieves and the general public

• Lost laptop containing sensitive personal information of customers results in a data breach requiring investigation, notification and credit monitoring expenses

• Customer data is breached, class action lawsuit filed. Duty to defend policy responds

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