Ask someone for their email, and they'll probably give you a Gmail address. Gmail has over 1 billion active monthly users. Used for work, play and social activities, your Gmail account is most likely tied to other accounts, like Netflix, Twitter, Spotify, Instagram... and maybe other sites you wouldn't want people to know you frequent.
Web users (we're all guilty of this at some point) falsely believe that what they do online is private. If they use a secure browser and use their Gmail credentials (Kaspersky Lab has said Google accounts are safe enough to use for work) they think they are safe from the nefarious dealings of a cybercriminal. To quote The Office's Dwight Schrute, \"False.\" There is no web application that is impervious to a cyberattack, just ask Google.
Google researcher Tavis Ormandy found that popular websites (including Uber and OkCupid) were unintentionally sharing data. Coined the CloudBleed (in homage to 2014's HeartBleed bug), the vulnerability stems from faulty code produced by the web company CloudFlare.
CloudFare is a digital technology company that offers domain name, server and internet security services. According to Forbes Magazine, CloudFlare "hosts and serves content for at least 2 million websites." Ormandy found that somehow, CloudFlare was "returning random chunks of memory from vulnerable servers when requests came in. Making the issue even more severe was the fact that search engines were caching that leaked information."
As of February 23, it was learned that the CloudFlare bug exposed highly sensitive customer information, including passwords, and authentication tokens. The customer data exposure began as early as September 2016, with the wort of the leak occurring in mid-February of this year.
Have you ever had anything stolen from you? If you have, then you know that it leaves you feeling vulnerable and unsafe. Imagine if someone was able to steal your cached information and expose your internet habits, or worse, your small business' highly sensitive data.
Why Cyber Theft Insurance Matters
The Huffington Post reports that 60 percent of small businesses go out of business after being hit by a cyberattack. Why can't business continue as usual? Because you have lost your employees' and customers confidential data, putting them at risk of identity fraud and worse.
If it's learned that your company did not implement a cybersecurity plan or conduct routine IT checks, your customers could sue you for everything you have. Paying for litigation and restitution fees is enough to hammer the final dead nail in the coffin. Cyber theft insurance covers the fees in the aftermath of a cyberattack. Depending on the policy you sign up for, you can be covered for fees relating to data ransom, cyber investigation, litigation and restitution.
While your cyber insurance covers the company's financial needs after a cyberattack occurs, you can get to work repairing your company's reputation. Let your customers know about the hack and assure them that your business is doing everything it can to right the situation.
What Will Happen to CloudFlare?
If you will remember, Yahoo and Trump Hotel Co. were slow to respond to their respective data breaches, resulting in client data being stolen and reputational damage.
CloudFlare, on the other hand, reacted quickly to the company's data breach, informed users and immediately set about securing the network. CloudFlare responded to the bug in the first hour of being briefed on the security breach and restored network security in 7 hours. Though customers were unhappy about the breach, CloudFlare acted responsibly and controlled the situation, potentially saving the business from ruin.
To shield your company from financial collapse in the aftermath of a cyberattack, get a cyber theft insurance plan today with CyberPolicy.