Compared to men, women report a 7% higher rate of getting malicious text messages from unknown sources and a 9% higher rate of getting social media accounts hacked.
Black, indigenous people and people of color (BIPOC) report a 5% higher rate of social media hacking and a 6% higher rate of identity theft. The BIPOC population was also 12% less likely to avoid devastating financial loss due to cyber crime. Unsurprisingly, these experiences lead to a higher percentage of women and BIPOC populations feeling unsafe online relative to other groups.
Cyber Liability Coverage
While these issues are complex and likely the result of larger societal impacts, we can do things to address this. InsureGood is dedicated to making the internet a safer place for all. If you are a woman-owned or BIPOC owned small business, your increased risk of cyber attacks can be managed, and you can ease the stress of anxiety over the potential hack through a Cyber Liability policy.
We at InsureGood recommend this coverage to nearly all small business owners. But due to the increased risk women and minorities face, we feel it is critical for our Women-Owned and Minority-Owned clients. Cyber Liability policies come in many shapes and sizes, but we recommend one that will provide the following coverages for:
- Defense Costs in the event you are sued for a cyber breach by your consumers or vendors.
- Costs associated with state requirements in the event of a breach such as credit card monitoring for all customers, notification requirements, and fees
- Cost of professional counsel on each state’s requirements and help meet those requirements- if you have customers who reside in different states, you will need to follow each state’s separate rules.
- PR costs associated with minimizing reputational harm
- Criminal acts such as falling susceptible to a phishing scam to replace lost money
- Cost of forensic research to determine the source of the crime and repair/replace any lost or stolen data
- Ransom if you face a ransomware attack
Operational Enhancements for Cyber Risks
In addition to insuring against the risk of a cyberattack, there are operational enhancements and processes that you can put in place to lower your risk of suffering a significant cyber attack loss. For example:
- Providing ongoing employee training (most cyber attacks involve employee errors)
- Arming your business with the proper defense technologies (such as a VPN and threat monitoring software)
The Last Word
Cybersecurity is an issue for everyone, but women and minorities are especially vulnerable. Having a comprehensive insurance policy and cybersecurity plan in place to protect your business from cybercrime can give you the peace of mind to keep you focused on your business operations.