How To Protect Your Credit Card From Hackers

Jun 13, 2019, 1:07 PM

It’s a popular new insurance coverage great for business of almost any size.

We’ve talked about financial online security and changing your password before. But there’s more to online safety than what you can do for yourself. Cyber liability and data breach response coverage, like the kind Hastings Mutual offers, helps companies stay in business after an online attack.

A survey from security vendor netsparker found 77% of respondents worry most about credit card details being stolen if an online store was hacked or subject to a malware attack. Even companies that don’t sell online, like contractors, do store personal customer information on computers. That puts them at risk for a hack or a virus.

Credit Card Protections

What does cyber liability coverage include?

  • Business Interruption – It takes time and money to get your business running again after a hack, ransomware, or any danger strikes. While you’re at work making your business better and safer, your Hastings Mutual coverage will support you through lean times.
  • Data Breach Response services — We offer a team that takes action immediately if you report a cyber attack. They’ll answer questions, and follow up by monitoring credit activity (to spot a thief misusing your credit card, for example) and offering legal guidance on what your company might do to limit the damage.
  • Data Protection Loss – Getting at your data, from customer credit card numbers to vendor email addresses, is the goal of almost every hacker. This coverage protects against changes, damage, or destruction of your corporate information.
  • Extortion — In the past few years, ransomware attacks have cost businesses more than $8 million a year, on average. Ransomware is exactly what it sounds like: a company’s computer is seized by a criminal and held hostage until the company pays to free their system. Companies will pay — could you run your business without accessing the internet? — and this coverage pays a company back.
  • Information Security Liability — Your emails and website reach around the world, and if your company’s data is compromised, a virus on one of your computers makes everyone a target. Cyber liability coverage applies to systems you are connected to (third parties), if their data is damaged, they get a virus or malware, or if your computer contributes to a denial of service attack against them.
  • Payment Card Industry (PCI) fines, expenses, and costs — Credit card companies want to encourage the safe use of their cards. If customer credit cards or other information is stolen, a business can face fines that ultimately come from the major credit card brands like Visa and MasterCard. We’ll cover those expenses so you can concentrate on getting your business back in shape.
  • Regulatory defense and penalties — We can help cover the costs if a government agency looks into a security breach you’ve suffered.
  • Website Media Liability – Even if you are safe from information thieves, your reputation can suffer if there’s an assault on your company’s online presence, like defamation or copyright infringement. Your coverage will help if there’s an attack on your website, Facebook, or anywhere else your brand name exists.
The Mutual Understanding blog and Hastings Mutual videos are made available for educational purposes only. The information referred to is not an official company statement, corporate policy, or offer of coverage. Refer to your insurance policy for specific coverage. There is no representation as to the accuracy or completeness of any information found by following any link on this site. Please contact your local independent insurance agent with further questions and for more details on any insurance policy-related information you read here.

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