Arkansas HVACR NewsMagazine September 2021

S tate, National, Chapter News State national Chapter News

employees how to spot and report potential cyber threats. As hackers continue to find new ways to infiltrate computer systems and monetize their access to those systems, Cyber Liability Insurance is evolving with them. Cyber Liability Insurance is so new that coverage forms vary from one carrier to the next and new coverages are being added onto these policies all the time. That is why you need a professional to talk to you about your needs and make sure that your policy has the appropriate terms and conditions to protect your business. Cyber Liability is a broad topic and this article is just scratching the surface. My hope is that you take away a few key points. • Every business regardless of industry or size has Cybersecurity Risk • The 3 most common Cyber Liability Claims are due to a Data Breach, Ransomware, and Social Engineering. • A combination of Cybersecurity best practices and Cyber Liability Insurance is the best way to protect yourself from Cyber Risks. • The Cyber Liability Insurance Market is evolving, and coverage forms vary significantly from one carrier to the next.

cryptocurrency before they will allow you back into your computer system so you can return to your daily tasks. Though in some cases the hackers threaten to delete all your data unless the ransom is paid. • Social Engineering is the art of manipulating someone to divulge sensitive or confidential information or to willingly send money to the “Social Engineer” without knowing it. Most commonly we see Social Engineering claims in the form of a wire transfer to a fraudulent account. The “Social Engineer” will send an e - mail to someone within the organization that looks exactly like it is coming from the Business Owner or CFO, asking that individual to wire money to Account #XXXX. That individual wires the money just like their manager asks them to. Only to find later that the request did not come from the Business Owner/CFO, the money has been withdrawn from that account, and the account has since been closed. We recommend both implementing Cybersecurity best practices and purchasing a Cyber Liability Insurance Policy to make sure that you are protected from potential threats. Some best practices include using multifactor authentication to log into all systems, especially those that store any private information, requiring strong password protection that must be updated on a regular basis, installing security systems like firewalls, anti-virus software, malware protection, etc… And regularly training