PYMNTS Intelligence Alternate Banner June 2024

TruShield Insurance and Visa Team on Cybersecurity for Small Businesses

Small business insurance provider TruShield Insurance is collaborating with Visa to give eligible businesses protection against cybersecurity threats.  

“Not having adequate protection against cyberattacks could leave business owners at a disadvantage and, in the event of a major loss, susceptible to bankruptcy,” TruShield Insurance said in a Tuesday (Feb. 13) news release announcing the partnership. 

The collaboration will offer eligible Visa business cardholders access to TruShield’s commercial insurance policies and aims to boost awareness of cybersecurity threats and protect against them, according to the release. 

“We’re excited to launch our new collaboration with Visa to help protect more small businesses across the country,” said Craig Hopkinson, vice president of TruShield Insurance, in a statement. “Having comprehensive business insurance with adequate cyber coverage can provide entrepreneurs with some much-needed peace of mind.” 

“We look forward to working with TruShield to provide owners with expanded services and resources that enable them to protect their business and thrive,” said Sarah Steele, senior director, Visa Commercial Solutions, in a statement.

TruShield Insurance, which is based in Canada, provides customized coverage for small businesses to protect them against cyberattacks, property damage, lawsuits and more, according to the release. 

Cybersecurity concerns are growing as more businesses face fraud attacks such as ransomware. 

As PYMNTS reported last week, 2023 saw a new record in ransomware payments, which surpassed $1 billion last year, citing data from a Chainlysis report on cryptocurrency crime. 

According to the report, these attacks in 2023 were mounted by a wide range of fraudsters, including large syndicates, smaller groups and individuals.

A form of malicious software that infiltrates computer networks, ransomware can range from simply restricting system access without damaging victims’ files, but in most cases involves encrypting files and demanding payment in exchange for the decryption keys.

Moreover, the impact of these attacks is felt across all sectors. PYMNTS recently reported that “at least” 60 credit unions (CUs) were rendered inoperable by ransomware attacks towards the end of last year, resulting in major disruptions that prevented about 100,000 CU members from accessing their digital accounts for three weeks beginning in late November.