Cybersecurity has become a detailed and vital part of almost any business, as much of modern information is stored as data. This can include a great deal of important data, such as personal information, business information, collected data, multimedia and more. Keeping all of this safe is necessary for a business to continue running properly and avoid lawsuits, which is why there have been many improvements in virtual security. However, hackers and other malicious users are becoming better at adapting and finding vulnerabilities in the weakest part of security, as reported by Axis Insurance Service. In a lot of cases, unfortunately, that weak link tends to be human error on the part of employees, requiring cyber deception insurance for protection.
Also known as spear phishing and deception technology, cyber deception is breaching in data usually caused by employee error or negligence. Through fake emails, websites and more, a hacker can convince an employee that they are a legitimate recipient and a trusted source for sending important data.
For a case in which vital information is leaked through phishing schemes, cyber deception insurance can be a necessary policy in order to cover the financial loss or fees needed to make up for the data breach.
If customer personal information is leaked, this can bring lawsuits.
Some hackers could receive direct wiring of money from the company.
If a virus is launched on the company’s computers, this can create a business interruption and costs for repair.