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 cybercrime. 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 cybercrime 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:
- Defense Costs in the event you are sued for a cyber breach by your consumers or vendors.
- Coverage for the costs associated with state requirements in the event of a breach such as credit card monitoring for all customers, notification requirements, and fees
- Coverage for the 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.
- Coverage for PR costs associated with minimizing reputational harm
- Coverage for criminal acts such as falling susceptible to a phishing scam to replace lost money
- Coverage for the cost of forensic research to determine the source of the crime and repair/replace any lost or stolen data
- Coverage for 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 cyberattacks involve employee errors)
- arming your business with the proper defense technologies (such as a VPN and threat monitoring software)
The Last Word
Cyber security 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.