What to Do After a Data Breach or Cyber Attack

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Unfortunately, any small business could face the risk of a data breach or cyber attack. Regardless of how big or small your business is, if your data, important documents or customer information is exposed, recovering from the aftermath could be difficult.

If your business is the victim of a cyber attack and you’re wondering what to do after a data breach, consider the following steps to help minimize the damage.
1. Contain the breach

While you may be tempted to delete everything after a data breach occurs, preserving evidence is critical to assessing how the breach happened and who was responsible. The very first step you should take after a breach is to determine which servers have been compromised and to contain them as quickly as possible to ensure that other servers or devices won’t also be infected.

Here are a few immediate things you can do to attempt to contain a data breach:

  • Disconnect your internet
  • Disable remote access
  • Maintain your firewall settings
  • Install any pending security updates or patches
  • Change passwords

You should change all affected or vulnerable passwords immediately. Create new, strong passwords for each account, and refrain from reusing the same passwords on multiple accounts. That way, if a data breach happens again in the future, the damage may be limited.

2. Assess the breach

If you are one victim of a broader attack that’s affected multiple businesses, follow updates from trusted sources charged with monitoring the situation to make sure you know what to do next. Whether you’re part of a broader attack or the sole victim, you’ll also need to determine the cause of the breach within your specific facility so you can work to help prevent the same kind of attack from happening again. Ask yourself:

  • Who has access to the servers that were infected?
  • Which network connections were active when the breach occurred?
  • How was the attack initiated?

You may be able to pinpoint how the breach was initiated by checking your security data logs through your firewall or email providers, your antivirus program, or your Intrusion Detection System. If you have difficulty determining the source and scope of the breach, consider hiring a qualified cyber investigator – it may be worth the investment to help protect yourself moving forward.

Identify those affected by the breach

You’ll also need to find out who may have been affected by the breach, including employees, customers, and third-party vendors. Assess how severe the data breach was by determining what information was accessed or targeted, such as birthdays, mailing addresses, email accounts, and credit card numbers.

Educate your staff about data breach protocols

Your employees should be aware of your business’s policies regarding data breaches. After discovering the cause of the breach, adjust and communicate your security protocols to help ensure the same type of incident doesn’t occur again. Consider restricting your employees’ access to data based on their job roles. You should also regularly train your employees about how to prepare for a data breach or avoid a data breach in the first place.

3. Manage the fallout

Notify managers and employees of the breach

Communicate with your staff to let them know what happened. Remaining on the same page with your team is crucial while your business is recovering from a data breach. You may need to consult with legal counsel to figure out the best way to let your customers know about the breach.

If you have cyber liability insurance, notify your carrier

Cyber liability insurance is designed to help you recover from a data breach or cyber security attack. Contact your carrier as soon as possible to see how they can help assist you with what to do after a cyber attack. If you don’t have a cyber liability insurance policy, AmTrust’s appointed agents can assist you in the process of selecting cyber liability coverage that could help with costs associated with addressing future cyber incidents.

Notify customers

Emphasize your willingness to be transparent with your customers by considering a special action hotline specifically to address questions from affected individuals. Communication can be key to maintaining positive, professional relationships with your patrons.

A data breach can be stressful, but as long as you take the right steps, your business will be better prepared to recover successfully. Moving forward, conduct frequent security checks to help reduce the likelihood of an incident occurring again in the future.

For more details about AMT Warranty Corp feel free to visit: http://blog.amtrustgroup.com/policywire/what-to-do-after-a-data-breach-or-cyber-attack

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Types of Business Insurance Coverage at AmTrust

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AmTrust is the third largest writer of workers’ compensation coverage for small businesses in the United States, according to SNL Financial’s 2016 Workers’ Comp market share report. While workers’ comp is largely what we are known for, our product portfolio contains a wide array of different coverages to suit the needs of our agents’ small business clients.

Keep reading to find out more about the selection of insurance products AmTrust has to offer.

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Let’s start with what we are most known for: workers’ comp insurance coverage. Having a dependable workers’ comp policy in place is so important for any business, but especially for small businesses. Damages for injuries suffered at work can amount to thousands or even millions of dollars. Without sufficient coverage, employers could be susceptible to punitive damages, pain and suffering lawsuits and astronomical medical bills.

AmTrust works closely with its agents to place insurance for small-business clients that is intended to comply with insurance requirements and help them succeed. We cover more than 350 eligible classes of business, including hotels, professional offices, restaurants, retail stores and more.

State Disability

A State Disability Benefits Insurance policy helps a business retain its most important asset – their employees. Simply put, it provides financial security to employees while they are out of work due to a covered off-the-job injury or illness.

AmTrust offers benefits coverage to bridge the gap and help your clients’ employees make ends meet while they try to survive on a disability benefits check. Below are some of the potential benefits to a business carrying a Statutory Disabilities Insurance policy:

  • Improved health outcomes of employees
  • Reduced out-of-work time for ill/injured employees
  • Increased employee loyalty
  • Higher team morale

Find out more about AmTrust’s State Disability Insurance coverage.

Commercial Insurance

Commercial Auto

As the saying goes, “accidents happen.” This is especially true when it comes to automobiles. A Commercial Auto policy is designed to provide coverage in the event of a collision between a commercial vehicle with another vehicle or an object. It also helps protect businesses from litigation related to automotive incidents. Perhaps most importantly, however, it helps ensure that your clients’ employees have medical expenses taken care of after a work related auto incident.

AmTrust’s Commercial Auto product covers a wide range of businesses, such as commercial and residential contractors (HVAC, landscaping, roofing) or distributors (food and beverage, auto parts, etc.)  to name just a few.

If your clients ask why they may need this type of coverage, check out “Why Small Businesses Need Commercial Auto Insurance.”

Business Owners Policy (BOP)

This type of insurance combines coverages a business normally would buy individually into one bundle. A standard BOP covers three things:

  • General Liability– If a customer is injured at your client’s place of business, General Liability insurance is designed to cover the potential medical costs and associated legal fees. It also covers advertising injury – certain offenses like copyright infringement and libel.
  • Property – This helps ensure that your client’s property is covered in the event of damage – ultimately helping to keep a business up and running. Property coverage can be “named-peril,” “open-peril,” or “special.”
  • Business Interruption– A major storm, an electrical outage, a hacking incident – any of these can abruptly stop a business in its tracks. This coverage is designed to protect your clients during a covered event, even potentially replacing money that would have been made if not for the incident.

To learn more about the benefits of BOP coverage, read our blog post “3 Reasons Small Businesses Need BOP Coverage.”

Additional Coverages

Cyber Liability Insurance

2017 report from CSO shows that the impact of cyber security events has increased. Additionally, they estimate that cybercrime damage costs could hit $6 trillion annually by 2021.

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What does all this mean? Now more than ever, it’s important to make sure your clients are covered for a cybercrime event, especially for smaller businesses according to an article from Trend Micro.

The level of coverage your client needs will vary from business to business. In addition to basic cyber liability coverage, AmTrust’s Cyber Liability policy also includes coverage for Website Media Content Liability, Regulatory Defense and Penalties as well as PCI Fines, Expenses and Costs. So as your client’s business expands into the digital and mobile space, so does their coverage to address risks associated with any violations of privacy, plagiarism or piracy, copyright and trademark infringement, alleged defamation, libel or slander relating to their website.

Employment Practices Liability Insurance (EPLI)

This is a valuable insurance product specifically designed to help protect businesses from employment practices liability exposure. Insured events generally include alleged discrimination, wrongful termination or demotion, sexual harassment and retaliation. This coverage is inexpensive and includes free risk and employee management services previously available only to larger companies.

Regardless of company size, the possibility of being sued for one of the above infractions is a reality for any business. Without an EPLI policy in place, your client may have to pay for any losses associated with employment practice litigation out of pocket.

Learn more about EPLI coverage and its benefits.

Workers’ Compen Coverage and Much More

We are continuously evaluating the market and our agents’ needs to deliver new products from workers’ compensation to commercial insurance. Subscribe to our blog to learn more about our coverages and how you can write more business as an AmTrust appointed agent.

For more details about AMT Warranty Corp feel free to visit: http://blog.amtrustgroup.com/policywire/types-of-business-insurance-coverage-at-amtrust

AmTrust Mobile Solutions – Covered. Connected. Confident.

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Did you know that you can offer your customers smartphone coverage through our company?

AmTrust Mobile Solutions is a suite of mobile device protection and support services that provide your consumers with the protection that they need. Economic and hassle-free, this coverage allows for the repair or replacement of damaged or lost mobile devices quickly and efficiently with one of two options:

If the damaged device is repairable, your consumers may have access to an authorized local service center for repairs while they wait.

If an authorized local service center is not available, we will send a replacement unit, on an expedited basis, from our state-of the-art fulfillment center following claim submission.

Easy Claims Processing

AmTrust Mobile Solutions’ domestically located claims center is staffed with specialists who provide prompt and professional assistance. Available seven days a week, the claims center can also be accessed online. Our family of industry-leading customer support service centers has processed more than $1 billion in claims and is accredited by the Better Business Bureau.

Fully Supported

AmTrust Mobile Solutions appreciates that point-of-sale materials are critical in promoting and disclosing the various aspects of a program. That’s why we offer a marketing staff to design private label marketing materials or provide you with our own branded promotional items. Plus, we maintain strict adherence to each client’s branding requirements and possess an in-depth understanding of the legal and compliance issues associated with insurance product marketing.

A Dependable Business Partner

Working with AmTrust Mobile Solutions is easy. Whether your business is big or small, we can offer a carrier-grade program to suit your unique needs and exceed your customers’ expectations. From initial on-boarding to ongoing customer service, we can deliver customized mobile device protection solutions, provide complete administrative support and tailor the program to your financial requirements.

Get In Touch

For inquiries on how AmTrust Mobile Solutions can design a program for your business, contact us today at 1.888.328.4575 or visit our website at amtrustmobilesolutions.com

Want Niche Capabilities? You’ll Want A Unique Company

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It’s important to partner with a company that’s well-versed in your line of work. After all, every industry has a unique set of risks and differentiators. And if you’re a small business owner, having access to someone who is receptive to the specific, yet ever-changing needs of your business can make all the difference.
AmTrust, Warrantech’s parent company, places a deliberate focus on delivering quality programs and services to businesses in underserved niche markets. With a staff of business developers, underwriters and account managers who are experienced, dedicated and client-focused, they strive to develop strong partnerships to ensure that your business plans are expertly executed, fully licensed and well-designed for your particular industry.

Small Commercial Business

Specifically targeting small businesses, AmTrust has crafted its commercial package insurance offering to provide coverage for niche audiences such as: lumber, restaurants, automotive service centers, financial institutions, inland marine, commercial agriculture and much more.

By combining leading technology, proprietary online business submission software and a deep understanding of each market, AmTrust reduces risk, produces efficiencies and provides effective loss control for its clients. AmTrust services small businesses with the same concern and attention to detail expected by large businesses, treating policyholders with the individual attention that they deserve.

Specialty Program

At its core, the program business provides risk funding arrangements to a small group of targeted program business clients dedicated to the long-term proposition of shared risk and shared rewards. The risks to which these policyholders are exposed require in-depth knowledge of the industry segments in which they operate. Underwriting often entails customized coverage, loss control and claims services, as well as risk-sharing mechanisms. Underwriting expertise is the core competency of this specialized business unit.
AmTrust partners with MGAs and claims administrators to originate and manage this book of business. They target sophisticated small- and middle-market businesses, such as retail and wholesale operations, service operations and non-profit organizations. The coverages offered consist primarily of workers’ compensations, general liability, commercial auto liability and property insurance.

Specialty Risk and Extended Warranty

Warrantech’s extended warranty coverage focuses on automotive and consumer product clients, offering accidental damage, mechanical breakdown and related risks, while AmTrust’s specialty risk coverage targets the categories of consumer and commercial goods, auto, involuntary employment and travel/purchase benefits.

 

By serving as both underwriter and third-party administrator of our warranty programs, including our own full-service, state-of-the-art call center, we are uniquely positioned to simplify purchasing and help protect the integrity of our clients’ brands.
To learn more about AmTrust’s niche market capabilities, visit amtrustfinancial.comor call 212.220.7120.