Though many of us have heard about tax-related phone schemes, not as many realize fraudsters seek to steal from taxpayers via email. In 2018, the IRS received 2,000 reports of phishing incidents seeking tax data from January through October 2018—a 60-percent increase over the previous year.
And these are only tax-related phishing scams. There are far more cyber risks facing businesses throughout the year, whether an employee loses a laptop or customer data is exposed in a data breach. These are year-round, daily threats for businesses of all types and all sizes. That’s why cyber risk insurance is an important tool in your cyber security toolbox. This type of insurance can cushion your business from the repercussions of a cyber attack.
The Cyber Suite from Pennsylvania Lumbermens Mutual Insurance Company offers cyber risk coverages to protect hardware retailers, home centers and home improvement businesses. This includes:
- Data compromise response expense coverage
- Computer attack coverage
- Cyber extortion coverage
- Data compromise liability coverage
- Network security liability coverage
Plus, policyholders get access to risk management resources, such as an online portal that includes training modules, risk management tools to manage data breaches and a learning center with best practices and white papers. PLM’s Cyber Suite is available to property policy holders with aggregate limits starting at $50,000 in most states.