Insurance 101

COVID-19 – Cyberboxx coverage for working from home

How Cyberboxx’s insurance policy and services provide protection for businesses and employees having to work from home.

Cybersecurity threats are significantly heightened when employees are not connected via their secured workplace networks.

Overleaf, we’ve outlined five scenarios in which a company might incur losses if they face a breach incident resulting from employees working from home.

Remember one point, up to 80% of breaches start in your team’s email in-box. Educating your employees on how to spot cyber threats is the number one thing you can do to reduce your organization’s cyber risk exposure. The more security guidance that an employer can give its workforce during a period of remote work, the safer the company will be from a data breach or cybersecurity incident. Remember that every BOXX client and their employees have unlimited and free access to the BOXX Academy, BOXX’s e-learning cyber academy designed for employees.

Consider these five scenarios in which a company might incur losses if they face a breach incident resulting from employees working from home.

Scenario 1:

An employee accesses work service or files from a home PC that they didn’t know was malware-infected.

Consequences: The malware gains access to the corporate network and leads to a crippling cyber attack.

Cyberboxx Coverage*: Covered. Cyberboxx’s definition of computer system extends to employee owned devices, also referred to as Bring Your Own Devices (BYOD).

Scenario 2:

An employee accidentally emails a file containing sensitive client data to a personal distribution group from their contacts in their smart phone address book.

Consequences: This leads to mandatory breach notification to clients and results in costly fines and penalties and reputational harm to their employer.

Cyberboxx Coverage*: Covered. Working from home might be safer for employees, but this might not be safer for the services and the data you are accessing remotely, especially if you are handling sensitive or personal data.

Scenario 3:

An employee falls for a phishing scam. Many people will be accessing their work email from their phone, making it harder to spot fake e-mails and phishing attacks.

Consequences: The phishing attacks leads to the business being scammed and results in an expensive financial loss.

Cyberboxx Coverage*: Covered. Social engineering is a growing risk that is heightened when unable to easily verify e-mail authenticity.

Scenario 4:

An employee logs into their work network over the weekend. There is a ransomware “takeover” message on their screen telling them that all their data is encrypted and asking for a payment to unlock it.

Consequences: The employee does not know who to call. The malware spreads across the network. It leads to a system ‘black-out’, loss of data, costly forensic fees and ransom costs.

Cyberboxx Coverage*: Covered. Ransomware attacks, data recovery, forensics costs, and resulting business interruption costs are covered. Furthermore, clients have 24/7 access to BOXX’s I.T. cyber ops team in the event they encounter a cybersecurity incident.

Scenario 5:

An employee working from home sends a malware-infested file to all employees leading to a cyber incident. The malware contaminates a number of employees’ home I.T. devices they were using for work. The malware makes their devices unusable.

Consequences: Employees can not access their work files that leads to operational downtime. The employees also incur personal costs to replace their infected home devices.

Cyberboxx Coverage*: Covered. Business interruption is covered. The costs of repair or replacement of employees’ BYOD devices are also covered.

 

* Subject to policy terms and conditions.

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