The holiday season is almost here, and shoppers can’t wait to scoop up the incredible discounts and deals on offer. Many retailers are up-scaling their preparations in anticipation of record-breaking Black Friday and Cyber Monday sales.
A lot of sensitive personal data will change hands as hundreds of millions of transactions take place during the holiday shopping season. If you’re a retailer, this is the right time to consider getting cyber liability insurance in Seattle, WA, for complete data breach coverage. Liability protection is also vital for shoppers, many of whom will be using digital systems to buy and pay for goods.
Here’s why you need cybersecurity insurance for peace of mind throughout the upcoming mega-shopping season:
Brief Statistics for Black Friday and Cyber Monday
Over the past few years, online shopping has grown exponentially during Cyber Monday and Black Friday. The two holidays were, respectively, the busiest and second-busiest online shopping days in U.S. history in 2020.
This trend is expected to continue through 2021, according to recent projections:
- Cyber Monday online shopping could rise to 61%, from 59% in 2020
- 22% of shoppers say they won’t go to brick & mortar stores on Black Friday
Most Common Cyber Insurance Claims
Watch out for these cyber liability risks over the upcoming holiday shopping season:
- Social engineering: Criminals retrieve and fraudulently use passwords or banking information after sending phishing emails.
- Data breach: Hackers illegally gain access into a network and steal files or data, such as credit card information.
- Bank account hacking: This type of breach often leads to the theft of funds.
- Ransomware: Attackers hack into a network, seize control, and demand a ransom to release it back to its owners.
- Identity theft: Criminals steal personally identifiable data, such as Social Security or credit card numbers, and use it to commit fraud.
Reasons to Protect Your Business with Cyber Liability Insurance
Higher transaction volumes during the busiest time of the year make you a prime target for cyber attacks. You’ll be handling more customer data, including credit card information. Also, you’ll be relying more on digital systems to facilitate payments and online transactions.
Cyber liability coverage can pay for claims you’re liable for after experiencing a data breach. It’ll give you the peace of mind to keep your systems online and take full advantage of Black Friday and Cyber Monday sales opportunities.
Why You May Need Cyber Liability Insurance as a Shopper
You may be more vulnerable to data breach attacks when shopping over the Thanksgiving weekend because:
- Hackers could spam your inbox with phishing emails, seeking to steal your personal information
- As you visit websites to take advantage of Cyber Monday offers, you may be targeted with malware and phony links
- As you focus on the time-limited holiday deals, hackers will increasingly look for ways to exploit any weaknesses in your personal cyber safety practices
Here’s How We Can Help You
Whether you’re a shopper or business, our team at Humble & Davenport Insurance Brokers, Inc. can help you protect your data or information against cyber threats over the holiday shopping season. We provide the following guarantees as an independent insurance agent:
- Our partnerships with various A-rated insurance companies enable us to deliver the right cyber liability protection for your unique needs
- We’ll provide multiple quotes to help you get coverage at a competitive rate
- We’ll assess your coverage requirements and help you select the most appropriate cyber liability policy insurance