BUSINESS INSURANCE BULLETIN
ForthQuarter 1999
The technology age which transformed many daily activities also brought a new threat-Internet graffiti. But a new type of insurance can protect businesses from high-tech criminals.
"our technological age has produced a new breed of criminals," said Candysee Miller, regional director of the Western insurance Information Service (WIIS). "While a mouse can't kill you, it can kill your business."
While most business insurance policies exclude damage caused by cyber criminals, anti-hacker policies cover losses such as theft of securities or tangible property via computer, damage to data or software, and business interruption expenses.
WIIS reports that companies are generally required to undergo a computer security assessment to determine their amount of risk before obtaining insurance.
The damage caused by the breach of security by a hacker can cost millions. WIIS offers several suggestions to help businesses combat cyber crime:
*make an assessment of vulnerabilities.
*Establish company policies about who should have access to
vulnerable information.
*Change employee passwords periodically.
*Install an intrusion detection system on company computers.
*If an attack occurs, call a computer forensics investigator.
Don?t let the benefits of technology be minimized by technological threats to your business. Take steps to limit your company?s vulnerability to cyber crime, and make sure you have the coverage needed to cover any losses.
