Cyber endorsements: The why and how of cyber protection

Today, cyber attacks have morphed from such attacks as MafiaBoy (unleashed by a 15 year-old Canadian high school student, the DDoS attack hit the likes of Amazon, eBay, and CNN, costing an estimated $12 billion in damages) to sophisticated attacks intent of bringing down specific targets, such as global banks or foreign governments. One such attack – the Petya attack in June 2017 – held for ransom the websites of banks, newspapers, electricity providers, foreign ministries in Ukraine, with similar attacks taking place in Australia, France, Germany, Italy, Poland, Russia, United Kingdom, and the US.

While most small to mid-sized businesses are not targeted in these large-scale attacks, there are plenty of cyber thieves who see the value in targeting smaller entities for faster payoff. That’s because many smaller companies do not have the sophisticated level of security and response that larger companies put in place.

However, traditional cyber insurance products, which tend to cover the scope and breadth of a large-scale cyberattack, may often be too expensive to make sense to a smaller business. Yet going without coverage, is a serious gamble.

This article highlights why cyber endorsements are an affordable option that allows businesses to protect themselves against the cost of cyber attacks.