Does your small SC business need cyber liability insurance? Learn why hackers target small businesses and how Priority Insurance can help protect you.
Independent since 2011 · Large Carrier Partner Network · CLU · ChFC · SC · NC · GA
I'm going to start this one with a story I'd rather not have to tell, because it happened to me — right here in my own agency. I had an administrator on my team who had access to all of our business banking and a lot of sensitive information. One day a notice popped up on her email that looked like it came from Microsoft, asking her to re-enter her password to log back in. She did what any of us might do in a busy moment. It wasn't Microsoft. It was cyber fraud, and that one password was all it took. From there, the criminals got into our system. They stole her bank account information, redirected her direct deposit to a fraudulent account, and took two of her paychecks before we caught it. We were lucky in one important way: our client files weren't touched. But because an intruder had been inside a system that held personal information, South Carolina law kicked in and required us to follow a specific protocol to protect everyone involved. Handling that the right way — through a cyber law firm, with all the steps the state requires — cost more than $50,000. I didn't pay that out of my own pocket, because I carry Cyber Liability insurance and it covered the response. Without it, that would have been a $50,000-plus bill landing on my desk with no warning. That's why I'm writing this to my clients. This really happened, and it happened to me. Here's what every Upstate business owner needs to understand about it.
Independent since 2011 · Large Carrier Partner Network · CLU · ChFC · SC · NC · GA
Does your small SC business need cyber liability insurance? Learn why hackers target small businesses and how Priority Insurance can help protect you.
Independent since 2011 · Large Carrier Partner Network · CLU · ChFC · SC · NC · GA
I'm going to start this one with a story I'd rather not have to tell, because it happened to me — right here in my own agency. I had an administrator on my team who had access to all of our business banking and a lot of sensitive information. One day a notice popped up on her email that looked like it came from Microsoft, asking her to re-enter her password to log back in. She did what any of us might do in a busy moment. It wasn't Microsoft. It was cyber fraud, and that one password was all it took. From there, the criminals got into our system. They stole her bank account information, redirected her direct deposit to a fraudulent account, and took two of her paychecks before we caught it. We were lucky in one important way: our client files weren't touched. But because an intruder had been inside a system that held personal information, South Carolina law kicked in and required us to follow a specific protocol to protect everyone involved. Handling that the right way — through a cyber law firm, with all the steps the state requires — cost more than $50,000. I didn't pay that out of my own pocket, because I carry Cyber Liability insurance and it covered the response. Without it, that would have been a $50,000-plus bill landing on my desk with no warning. That's why I'm writing this to my clients. This really happened, and it happened to me. Here's what every Upstate business owner needs to understand about it.
Independent since 2011 · Large Carrier Partner Network · CLU · ChFC · SC · NC · GA
