HACKING: THE “OTHER” STORM
Technology is a very efficacious ally for today’s businesses… until it is not.
Because as much as modern electronic devices —smartphones, computers and “the cloud”— increase productivity and make work faster, more efficient and thorough, they also open up a Pandora’s box and expose entire comp-anies to cybercrime.
Cyber crime, specifically the use of electronic equipment connected to the worldwide web as a means — and a target— in the execution of unlawful acts, has increased exponentially in the past decades as computers and mobile/ portable digital devices have become essential business and personal
communications tools.
If it is so prevalent and inexorable, what can a company do to protect itself from cybercrime? “In addition to applying basic security measures, providing regular, up-to-date cybersecurity training for employees, and developing an emergency response plan,” says Joseph Garden, “a comprehensive cyber
risk insurance policy will make recovery easier, faster and less painful.”
So which entities should get cybercrime insurance coverage? The answer is simple: any company that
• Uses computers, mobile devices, and cloud-based or remote data storage
• Works with and stores personal/commercial/financial, or medical data
• Accepts electronic payments and/or credit/debit cards.
With the recent national ransomware attack to the Colonial Pipeline, which netted $4.4 million in extortion fees for the hackers, as the company’s CEO Joseph Blount acknowledged in an interview with the Wall Street Journal, cybersecurity procedures and cyber risk insurance policies have certainly become the subjects of serious discussion and comprehensive action.
Joe Avetrani explains that a comprehensive cyber risk insurance policy should cover crimes like hacks and network intrusion, data theft, extortionware, and BEC (business email compromise) scams, a type ofphishing in which the attacker impersonates or compromises an executive’s email account to manipulate the target into turning over confidential information or transferring funds to the attacker’s account.
The specialists at GGAIG recommend coverage for these major loss generators:
• Breach Costs
• Cyber Extortion
• Cyber Crime
• Business Interruption
• Data Recovery
With the hackers’ increasing level of sophistication and complexity and the escalating losses inflicted by
cybercrime, both executives advise, it is wise to review and update coverage regularly.
EXPERT GUIDANCE AND SPECIALIZED COVERAGE
“Our cyber crime coverage is only the latest in an extensive list of services that GGAIG offers,” explains Joe Avetrani. The agency represents all the major insurance underwriters and companies, often through the respected Lloyds of London, the world’s leading insurance marketplace, for its local, domestic, and international customers.
For the past 23 years Gil Garden Avetrani Insurance Group has been a leading provider of specialized coverage and services. The agency’s more than 30 employees surpass the specific levels of proficiency required by State of Florida and continue updating their competence with further training and specialized courses.
“It is important to emphasize,” Joseph Garden comments, “that we, GGAIG principals, also hone our qualifications because we supervise every case. Clients can rest assured that their policies are the product of expert, capable collaboration.” “We take every necessary step required to assist our clients with their insurance needs,” clarifies Joseph Garden. “This process is crucial as the worldwide insurance market evolves and our clients engage in new markets, technologies, commercial endeavors, and territories.”
GIL GARDEN AVETRANI INSURANCE AGENCY
10689 N Kendall Dr #208, Miami, FL 33173, USA
305-630-477