Cyber Corner: Evolving to Protect Your Business

Cyber Coverage: Evolving to Protect Your Business

As technology continues to transform the lumber industry, PLM remains committed to adapting and evolving to meet the unique needs of our insureds. One of the most pressing challenges facing businesses today is the threat of cybercrime. To better serve our policyholders, PLM is excited to announce new enhancements to our cyber coverage, offering broad and affordable protection with meaningful limits.

The Real-Life Issue of Cyber Security

Cyber threats are becoming increasingly widespread and complex. Businesses across all industries, including lumber and building materials, are targets for cybercriminals. Attacks can take many forms, from ransomware and phishing schemes to data breaches and misdirected payment fraud. These incidents can result in significant financial losses, operational disruptions, and reputational damage.

For instance, misdirected payment fraud involves attackers manipulating businesses into redirecting payments to fraudulent accounts. This often begins with a seemingly legitimate email from a compromised account, leading to substantial financial losses ranging from $30,000 to $80,000 and, in extreme cases, even up to $200,000. Beyond the immediate economic impact, these incidents expose sensitive customer and employee information, potentially leading to broader security breaches.

To combat these threats, comprehensive cyber coverage is essential. Cyber insurance provides a financial safety net, reimbursing businesses for losses incurred due to cyber incidents. However, adequate cyber protection goes beyond financial reimbursement—it includes proactive risk management and cybersecurity tools to prevent incidents before they occur.

PLM’s new cyber coverage is designed with these principles, offering financial protection and access to advanced cybersecurity resources. Key benefits include:

• Financial Reimbursement: Among other coverages, our updated program now includes protection for misdirected payment fraud, ensuring that if your business falls victim to such a scheme, you are not left to bear the financial burden alone.
• Holistic Risk Management: Through Cyber Safety, powered by Zeguro, policyholders gain access to website monitoring, security training, customizable security policies, and a Cyber Concierge for personalized guidance. This new resource provides you with the hands-on tools needed to lower your risk exposure.
• Proactive Tools: Continuous evaluation and improvement of your cyber health through a self-guided assessment, actionable recommendations, and a comprehensive roadmap for your cyber journey.

 

The Benefits of PLM’s Specific Coverage for Insureds

As the oldest and largest mutual insurance company serving the lumber and building material industry, PLM uniquely understands the challenges businesses face in this sector. Founded by lumbermen for lumbermen, PLM has been providing tailored insurance solutions for 129 years, evolving alongside our insureds to address new and emerging risks.

Our enhanced cyber coverage reflects our commitment to protecting your business in today’s complex cyber threat environment. Our Cyber Safety platform empowers businesses to proactively manage their cybersecurity, reducing the likelihood of successful attacks and minimizing potential damage. In addition to our cyber coverage, our program also features many risk management tools. Some highlights include:

• Website Monitoring: Regular scans for vulnerabilities in web applications, providing detailed reports and recommendations to fix security gaps.
• Security Training: Customized cybersecurity training for employees based on individual assessments, enhancing overall awareness and preparedness.
• Security Policies: Templates for creating comprehensive cybersecurity policies, including data breach response plans and information security standards.
• eRisk Hub Access: A portal offering a wealth of resources, from incident response plans to online training modules and risk management tools.

At PLM, our mutuality drives us to continuously seek ways to better serve our policyholders. Our enhanced cyber coverage is a testament to this commitment, providing you with the protection and tools to navigate the constantly changing cyber threat landscape confidently. Together, we can build a more secure future for your business.