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Cyber Insurance for Transportation & Logistics

Last updated on June 26th, 2020

Cyber insurance is an emerging risk and affects all business sizes across all industries, including transportation and logistics service providers. Losses can result from a computer virus at an employee workstation, theft or loss of a laptop that contains customer and vendor information, theft of confidential information from a vendor’s server, theft of physical documents in a warehouse containing personal data, among other things. If a data leak results in the theft of valuable intellectual property, identity theft or reputational harm, a business can expect a stiff third-party claim for expenses and losses.

Freight forwarders are at heightened risk for targeting by cyber criminals because all of their business activities are conducted electronically.  Additionally, a cyber breach often also generates regulatory investigation as well as an internal need for a forensic analysis of your data and systems. These can be very costly, too. Adding to the financial hardship, you most likely will have to notify all affected parties, seek legal defense, and manage the crisis internally and in the public forum.

Roanoke’s own Rick Bridges explains the real danger of cyber threats and how you can be prepared:

There’s not one simple solution to cyber crime. A multi-tiered approach is required.

  • FACE FACTS - It can happen to you. Acknowledge the fact that cyber crime exists and no company is too big or too small to be breached. This is the single largest new area of claims for freight forwarders and logistics providers.
  • EDUCATION - Train your employees on the dangers of cyber risks and how they can unknowingly be inviting criminals into the company. In today’s digital environment everyone in your company must know the dangers or phishing emails and social engineering phone calls. These are the tools of cyber criminals.
  • BE PROACTIVE - Arm your IT department with information so they can deal with cyber crime from a proactive position rather than a reactive one. Audit your IT infrastructure and cyber footprint to ensure there’s an understanding of your exposure.
  • GET INSURED - Make sure that the money you spend on insurance is going to be worth it in responding to a claim. Find yourself an advocate who will identify your exposures which in turn will give you confidence that the policy will respond.

Roanoke Trade can provide with you Cyber insurance, designed to help with all these costs. Additionally, some policies can be customized to offer crisis management services in addition to coverage for business interruption and other losses you face from a cyber attack that are not covered by standard business property policies.

If you have additional questions about Cyber Insurance, here are a few resources that may help:

All Your Business Insurance Needs Are Covered with Roanoke Trade

Roanoke Trade knows the transportation and logistics industry. That’s what we do. We have the expertise, experience and products to protect your operation, employees and financial assets along with the goods in your care and custody for the clients you serve. Find out how we can provide you with the insurance programs you need to be properly protected. Please contact us at 1-800-ROANOKE or complete the Contact form located above.