Welcome to this week’s episode of Cyber Monday with Jeremy from Ochsner Insurance. Today, we’re focusing on landscape maintenance and contracting businesses. While IT infrastructure might not be a top priority in this industry, historically, the rise in cyber threats demands attention. Let’s explore why landscapers are targeted and how cyber insurance can provide crucial protection. Here are 7 topics around cyber security and cyber insurance for a landscape maintenance or landscape contractor to consider.
- Corporate Bank Accounts: A Prime Target
Despite minimal personally identifiable information, landscapers are not immune to cyber threats. Corporate bank accounts, often holding significant funds, make them attractive targets for cybercriminals.
- Social Engineering: A Common Tactic
Cybercriminals often employ social engineering tactics like email phishing scams to infiltrate networks. Once inside, they can access corporate bank accounts and initiate unauthorized wire transfers.
- Invoice Manipulation: A Sneaky Scheme
Another method involves observing payment processes and manipulating invoices. Cybercriminals alter routing information, diverting payments to their accounts. This leads to financial losses and requires costly forensic investigations and legal counsel.
- Data Breach Risks for Maintenance Companies
Landscape maintenance firms, processing numerous credit card transactions, are vulnerable to data breaches. Cybercriminals target payment card information stored in CRMs and other payment systems, leading to financial liabilities, credit monitoring expenses, and reputational damage.
- Coverage with Cyber Insurance
A comprehensive cyber insurance policy can provide coverage for these risks. While coverage varies, policies typically include protection against social engineering, invoice manipulation, and data breaches. However, exclusions apply, so it’s essential to review your policy carefully. Check with your agent about limits and coverages currently in place. Beware if the policy is an addon to an existing policy and not a broad form cyber policy.
- Affordable Protection
Despite misconceptions, cyber insurance is affordable compared to potential claim amounts. Investing in coverage ensures financial stability in the event of a cyber incident, preventing long-term business disruption or closure.
- Consult Your Insurance Agent
Engage with your insurance agent and maintenance services provider to assess your cyber risks. By understanding your exposures and securing appropriate coverage, you can safeguard your business’s reputation and financial well-being.
In Summary
Remember, cyber threats are ever evolving, and proactive measures are crucial for business resilience. Talk to your Managed Services Provider or internal IT about how these sorts of potential hacks and attacks are being prevented. Whether you’re a landscape maintenance company or a landscape contracting company, a solid cyber security plan along with cybersecurity infrastructure and cyber insurance offers peace of mind in today’s digital landscape.
Thank you for tuning in to Cyber Monday. Here’s to your business’s success and cybersecurity protection. If you find this information valuable, please share it with others in your industry. Stay safe and secure!