Author, Emily Marasso, Media Communications & Client Services Coordinator, Rancho Mesa Insurances Services, Inc.
Michael Armstrong, Production Underwriter for Evolve MGA, an award-winning managing general agent that specializes in cyber insurance, took to the web and broke down the importance of cyber insurance and how companies can avoid a cyber attack in a detailed webinar hosted on July 22nd, 2021 for Rancho Mesa’s clients.
Attendees learned that phishing is the action of sending fraudulent emails mimicking a reputable company or person for the sake of gaining access to sensitive information. Michael explained the simplest form of phishing is an email or web link that is similar to a legitimate one, often changing only one letter.
Phishing works by tricking the email recipient into clicking on a link that triggers malware to be downloaded and installed on the system. From there, the hackers can encrypt the data and request a ransom or sell the data on the dark web. Michael shared that on average, a business doesn’t identify a breach for up to 197 days. Imagine the damage that could be done without a good cyber policy.
Companies large and small have experienced data breaches due to cybercrimes. With technology ever changing, it’s never been a better time to review your current cyber insurance policy or start looking for coverage. Thanks to Michael and Evolve MGA for providing such valuable information to our clients.
If you’re interested in getting a cyber insurance quote, contact Rancho Mesa at (619) 937-0164.