Uncovering Restaurants' and Retailer Need for Cyber Liability Protection
By Pathpoint
 âÂ75% of small businesses are underinsured. A big part of this equation? The lack of an adequate cyber liability policy. One out of three small businesses will end up closing within six months after a single cyber-attack. As insurance professionals, we must educate, prepare, and protect small business owners against cyber-attacks. October is Cyber Security Awareness Month, a pivotal time for the cyber insurance industry. Pathpoint and At-Bay have joined forces to empower agents to safeguard their small business clients against the mounting menace of cyber-attacks. This week, we take a look into why restaurants and retailers need cyber insurance.
Restaurants and retailers are prime targets for phishing and ransomware attacks. Most retail businesses and restaurants have a digital aspect to the businessâusing a combination of computers, a business email, external website, and credit cards or digital payment options. All of which can make their business a prime target for cyber-attacks.
The Most Common Cyber Risks for Restaurants and Retailers
- Ransomware: An online retailer discovers widespread encryption across their network, locking them out of their entire system, and receives an initial demand of $3M to regain access.
- Business email compromise - An attacker accesses the email account of a grocery wholesalerâs employee and sends fraudulent wire instructions to a client. The client pays the $30K invoice.
- Social engineering - An employee at a restaurant who handles inventory receives an email that their top supplierâs bank information changed. The employee pays their outstanding bill of $20K, using the new banking details, only to later learn that the instructions were fraudulent.
Add Cyber Liability Easily
Cyber insurance protects businesses from significant financial loss in the event of a cyber incident and helps them get back on their feet. At-Bay offers standalone cyber coverage for businesses with up to $100M in revenue and limits up to $3M. And the best part about choosing an At-Bay cyber policy is that At-Bay policyholders are up to five times less likely than the industry average to experience a ransomware attack. Upload any ACORD at Pathpoint.com and receive bindable At-Bay quotes in minutes. Ready to get a cyber quote from At-Bay through Pathpoint?
Cyber Liability Resources and Rewards
Cybercriminals are evolving and changing their strategies daily, so insurance agents must keep current on the latest in security, scams, and insurance. At-Bay provides multiple resources to insurance agents.
- Pathpoint/At-Bay Cyber Bind Incentive: In celebration of Cyber Security Awareness Month, Paithpoint and At-Bay are rewarding agents for any cyber binds completed at Pathpoint.com. From October 1st to October 31st, agents can earn a $50 Amazon.com gift card for every new business cyber binder. Learn more!