Navigating Social Engineering Risks with Cyber Insurance: A Guide for Business Owners

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Hello, Cyber Monday enthusiasts! Welcome to Ochsner Insurance’s Cyber Monday, where we’re diving deep into the world of cyber insurance and security. Today, we’re shedding light on a critical aspect of cyber threats: social engineering. But first, let’s debunk a common misconception:

Are you covered by a general liability or Business Owner’s Policy?

Short answer, the general liability policy and BOP exclude coverage for cyber events in most cases. Some BOPs do offer an add-on coverage form. If you’re relying solely on a business owner’s policy (BOP) with a cyber add-on, you might not be as protected as you think. These policies often come with limited coverage and tricky exclusions. In fact, some policies require email filtering for coverage – a feature many small businesses overlook.

Standalone Cyber Policies are the way to go!

When we talk about cyber insurance, we’re talking about standalone policies tailored to address the full spectrum of cyber risks. But even with comprehensive coverage, it’s essential to understand your policy’s exclusions and limitations. That’s why we always recommend reading your policy – it’s not just for the lawyers!

Now, let’s tackle social engineering. This deceptive tactic involves manipulating individuals – not networks – into performing actions they wouldn’t typically do. Think phishing emails or fake vendor calls. And it’s more common than you might think, especially for businesses dealing with regular payments to vendors.

Imagine this scenario for Social Engineering

Disbelief, he's been the target of social engineering

Your finance team receives an email from a familiar vendor, but upon closer inspection, they notice a slight discrepancy in the email address. Despite the red flag, they unwittingly click “pay,” transferring funds to the wrong account. Without proper coverage, this could spell financial disaster.

Social engineering exploits human psychology, making it a prevalent threat in today’s digital landscape. That’s why standalone cyber insurance policies with social engineering coverage are crucial for businesses of all sizes. But don’t skimp on coverage limits – aim for at least $500,000, adjusting based on your business’s size and risk profile.

At Ochsner Insurance, we’re passionate about helping businesses navigate the complex world of cyber insurance. Whether you’re a small startup or a thriving enterprise, we’ll tailor a policy to suit your needs and provide peace of mind in an ever-evolving digital world.

So, if you’re ready to take the next step in safeguarding your business against cyber threats, reach out to us today, 775-261-1633. We’re here to answer your questions, offer expert advice, and ensure your cybersecurity protection is top-notch.

Thanks for joining us on Cyber Monday! If you found this information valuable, Follow us on Facebook, LinkedIn and YouTube Here’s to your business’s cybersecurity resilience – have an awesome day!

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