Five Reasons Why Transportation Companies Require Cyber Insurance

Cyber hacking has been on the rise in recent years, impacting virtually all industries, including the transportation industry. In 2015, Jeep Cherokees and Ford Escapes were hacked and cyber intruders were able to malfunction safety controls and take command of the vehicle. Evidently, this impacted these popular car brands significantly financially and their overall brand images. Cyber attacks are continuing, which is why it is imperative for trucking and transportation companies to stay ahead of a breach and implement ways to protect themselves and their customers against any form of cyber threats.

Cyber insurance is one of the most important ways to protect your trucking and transportation company against cyber attacks. Here are the five reasons why your company needs cyber insurance & transportation insurance.

1. Business Interruptions and Damage To The System

Your control systems track logistical data, customer payment information and other sensitive details for each job and fleet. When cybercriminals hack into this system and damage it during a breach, your entire business can become interrupted and impacted. The result can be lost profits, damaged brand image, upset clients and more.

2. Privacy Liability

Trucking and transportation companies collect various types of important, private identifiable information from clients, including social security numbers, phone and address information and more. Each piece of this valuable information cannot be lost or stolen, as it threatens the lives of your customers as well as the sanctity of your business. This can become a serious threat, which is why it’s crucial to keep your business and the lives of your customers private and protected at all times.

3. Notification Costs

If a cyber breach does occur, you can be charged anywhere from $200 to $500 an hour to have your systems assessed and identify the information that has been stolen. This is expensive and can be avoided with proper software protection.

4. Cybercrime

Cybercriminals often have one main objective, which is to steal money from companies fraudulently using an unauthorized fund transfer, cyber extortion, phishing or identity theft. All are extremely threatening and dangerous to your company financially and overall. Cybercriminals are also targeting cargo theft and more advanced technologies are making it easier for thieves to steal carriers. Ransomware allows cyber hackers to interfere and break into a truck’s control system and halt a carrier’s delivery system.

5. Cyber Threats and Extortion

After a cyber hack, transportation companies may notice a stark loss in current client listings over a year period with lost profits. This occurrence will tarnish your brand reputation and require you to act immediately with a viable cyber policy.

Leibel Insurance offers Alberta and Ontario some of the best cyber insurance & transportation insurance in Toronto, Etobicoke, Mississauga, Calgary, and Edmonton. We’ll save you time and money by finding insurance that makes sense for your business and budget. Get started and get protected with us today at 1-866-484-8880 or Contact us today for your quote.