Small businesses become big targets for cybercriminals

pexels-darlene-alderson-4384994

Small businesses become big targets for cybercriminals

It’s time to educate clients to improve security monitoring and mitigate cyber-related losses as employees continue to work from home.

n early March, many small business owners allowed their employees to temporarily work from home in an effort to slow the spread of COVID-19. Today, a whopping 80% of businesses surveyed said they have implemented or expanded their work-from-home policies during the pandemic, with 67% considering remote work on a more permanent basis, according to the latest S&P Global Market Intelligence Survey.

In order to support employees working remotely, businesses in the S&P survey said they had to increase spending on information security (28%), communication and collaboration technologies (50%), employee devices and services (43%), information security tools (42%) and network capacity (38%).

But as more small businesses adopt work-from-home models, they are putting themselves at an increased risk for cybercrime, with fraudsters attempting to access company data, personal customer information and intellectual property. In fact, since the pandemic began, the number of spam, phishing and fraudulent business emails employees receive while working remotely has increased 25% due to cybercriminals becoming hyper-focused on targeting people working from home.

Currently, the top three cyber hazards for employees working remotely include weak home Wi-Fi security, insecure passwords and email phishing scams.

America’s Claims Executive Virtual Leadership Forum & Expo 2021EVENT

ACE Virtual Leadership Forum & Expo is the annual conference for Senior Claims Executives in Insurance organizations.

Get More Information

Mitigating cyber risks

Unfortunately, many smaller companies have the mistaken perception that their business policy provides coverage for a cyberattack or that most cyber liability policies aren’t worth the expense for the limited coverage they provide.

For these reasons, it’s important to educate business-owner clients that in addition to stepping up security monitoring and training employees on work-from-home IT best practices, cyber insurance can help mitigate the impact of a cyber-related loss and protect their assets. To help, the National Association of Insurance Commissioners has developed a small business cyber insurance checklist that can be used as a guide when reviewing coverage needs with your clients.

Conclusion

The pandemic has transformed how and where employees work. While some businesses may not have the ability to support an all-remote workforce fully, others may be considering a slower and more gradual process by allowing certain employees to work from home on a part-time basis.

The following is an application for insurance. Fill out every question and please be honest. The information you provide will be relied on in determining acceptability, coverage, and/or price of insurance. If you have any trouble, live chat is available or you can email your insurance agent at Skyscraper insurance Services, Inc.. Once you complete the application, your agent will reach out with any quotes or additional questions we may have. Thank you for your business.

Request a Cyber Quote

https://app.wingmaninsurance.com/app/application/cyber/invite/skyscraperinsurance?agencyId=557

Leave a Reply

Your email address will not be published. Required fields are marked *

Related posts

Audits

Insurance Mergers and Acquisitions Hold Steady in 2024

Despite a slight decline in overall insurance M&A activity, the industry remains at pre-pandemic transaction levels, signaling a resilient and evolving marketplace. According to a recent OPTIS Partners report, 750 insurance agency mergers and acquisitions were announced in 2024, a 10% drop from the 833 recorded in 2023. However, activity picked up in the latter half of the year, with a 21% increase over the first half, demonstrating sustained investor confidence. “The M&A market remains stable, with no rush to close year-end deals for the second consecutive year,” said Tim Cunningham, managing partner of OPTIS Partners. “We anticipate more large-scale transactions in the next 12 to 24 months, as firms continue to seek growth through strategic acquisitions.” What This Means for Skyscraper Insurance At Skyscraper Insurance, we understand the impact of these market shifts and remain committed to delivering top-tier risk management solutions. As industry giants consolidate, we continue to prioritize personalized service, innovative coverage solutions, and strategic growth to better serve our clients. Key 2024 Transactions ✅ AON Acquires NFP – AON completed a $13 billion deal to acquire NFP, a firm with $2.2 billion in revenue.✅ Marsh McLennan Expands with McGriff Insurance Services – A $7.75 billion acquisition strengthens Marsh’s footprint.✅ Arthur J. Gallagher Secures AssuredPartners – A $13.45 billion agreement set to finalize in early 2025. As major players reshape the landscape, Skyscraper Insurance remains a trusted partner for businesses navigating today’s complex risk environment. Our expertise in risk management and tailored insurance solutions ensures that clients continue to receive industry-leading protection. #WeShareYourVisionForABetterTomorrow#SkyscraperInsurance #RiskManagement #MergersAndAcquisitions #InsuranceIndustry

Read More
Technology

13 Ways AI Moves Insurance Marketing Forward

As professionals in the insurance industry, we at Skyscraper Insurance understand the allure of innovation. Much like a classic car enthusiast admires shiny, powerful machines, we embrace the transformative power of technology—especially when artificial intelligence (AI) drives forward insurance marketing. AI is not just a buzzword; it represents a monumental leap in marketing capabilities. But with this powerful tool, we must ask: Are we ready to harness its full potential responsibly? AI promises to revolutionize marketing, elevating our strategies from traditional methods to cutting-edge, data-driven practices. By understanding where and how to apply AI, Skyscraper Insurance aims to refine our marketing campaigns and achieve unparalleled success. The Enduring Value of Traditional Marketing Classic marketing methods—relationship-building, personalized service, and human intuition—remain integral to insurance. Strategies like direct mail, in-person networking, and grassroots campaigns resonate deeply within our industry. However, these approaches, much like vintage cars, can be labor-intensive and lack the scalability and efficiency of modern methods. To stay competitive, traditional marketing must evolve. By integrating digital tools into classic strategies, we can modernize our outreach while retaining its personal touch. At Skyscraper Insurance, we blend time-tested methods with advanced metrics, ensuring our campaigns are both effective and enduring. How AI Powers Precision in Marketing AI introduces unparalleled precision and efficiency into insurance marketing. Think of it as the most advanced smart vehicle—equipped with adaptive technology that enhances every journey. With AI, Skyscraper Insurance can: These tools allow us to navigate marketing challenges with the confidence of a self-driving system, ensuring smarter and safer campaigns. The Evolution of SEO Through AI AI is reshaping search engine optimization (SEO), enhancing traditional practices with cutting-edge capabilities: By integrating AI into SEO strategies, Skyscraper Insurance ensures our content remains visible and relevant in an ever-changing digital landscape. Adapting for AI Platforms As AI platforms like ChatGPT redefine content discovery, we focus on: Balancing traditional SEO with AI-driven strategies keeps our content effective across diverse platforms. Finding Harmony Between Tradition and Innovation At Skyscraper Insurance, we believe in blending the best of traditional marketing with the advancements of AI. Just as a classic car enthusiast might upgrade their vehicle without losing its charm, we integrate AI to enhance human relationships and intuition. Driving Forward With Confidence As we navigate the future of insurance marketing, Skyscraper Insurance combines the reliability of traditional methods with the innovation of AI. This dual approach ensures we stay ahead in delivering exceptional service and tailored solutions to our clients. Whether fine-tuning classic strategies or adopting AI-powered tools, we’re committed to helping you achieve your goals with precision and care. At Skyscraper Insurance, #WeShareYourVisionForABetterTomorrow.

Read More
Try your instant quote