Cyber Liability – It doesn’t have to be Game Over!

| June 9, 2014 | 0 Comments

Once again, businesses and web users are being warned to take urgent action to protect themselves from a global cyber-crime pandemic which can, among other things, empty bank accounts.

The Gameover Zeus virus is a form of malware which has already infected more than 15,000 people in Britain and the National Crime Agency has warned that this could cost the economy millions if immediate action is not taken.

Malware is the term used for malicious software and relates to any kind of unwanted software that is installed without your consent. It installs itself on a computer when the victim clicks on a link in an unsolicited email or via a website. It then sends out more emails to lure further victims, without the knowledge of the computer users, and spreads quickly across the internet.

Gameover Zeus is said to lay dormant on your computer until its spots an opportunity to steal personal details such as online bank information and passwords, and then transmits this information back to the criminal network. The software can also lock down data on a user’s computer and hold it for ransom, as well as send out emails unknowingly to the computer user, to lure further victims.

Bryan O’Connor from local commercial insurance broker, IFS Ltd said “there are several ways to help protect your computer against malware such as making sure automatic updates are turned on to get all the latest security updates, not opening spam email messages or clicking links on suspicious websites, and keeping your firewall turned on.

However, to protect your business from the costs associated in retrieving, restoring or replacing programs and data that have been lost or damaged as a direct result of a hacking attack or virus, I would strongly recommend considering Cyber Liability insurance.

Cyber Liability, or Online Liability insurance plugs the gaps common in many standard insurance policies when it comes to online protection from email, internet and IT networks abuse or misuse.

It is recommended for any computer-based business with an internet presence that sends and receives information by email, downloads documents or holds personal or sensitive data as it provides specialised protection often not included in general liability policies.

For further information or advice, you can contact Bryan O’Connor at IFS on 07624 466684.

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Category: Finance & Business, Science & Technology

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