Cyber Attack Damages Set To Skyrocket

For those in the cyber security industry, a troubling trend for cyberattacks is being projected. According to a chart from Statista, the estimated cost of cybercrime in the next five years is supposed to almost triple. If you look at 2022 at 8.4 trillion, by 2027, only five short years later, the cost of cybercrime is predicted to be almost $24 trillion. To try to put that number into perspective, there are one million million in a trillion. So the amount of cyber liability, cybercrime, and cyber damages will go through the roof. If you’re a small or medium-sized business, you want to make sure you have your ducks in a row and have a good cyber defense plan, cyber insurance policy, and best practices in your everyday operations. 

Don’t forget about your suppliers and customers, especially those who interact with you and your systems every day. They might connect with your inventory programs, CRM, or other applications. All of those are vectors for cyberattacks against your organization. It may not be that your supplier or customer is a nefarious actor, but if they get hacked or compromised, it can also intrude into your organization. Keep track of all your devices and platforms, anything connected to the internet. If one of those devices is hacked and successfully taken over, now it’s inside of your organization, and it’s like getting a virus into your company. So make sure that all your devices, including televisions, hotspots, routers, modems, security systems, and other smart devices, are protected with a strong password and multi-factor authentication.

So make sure you have a very good inventory and census of all of your devices connected to the internet and a good cyber defense plan. You can get good advice from your cyber insurance company because they see these damages daily and know how to prevent them. Whatever the risks you think you have, let’s say a risk of one; in five years, you’ll be at risk of twenty-four. So act accordingly when it comes to cyber security. Don’t be a victim where your business is shut down for days, weeks, or months while you’re putting all your computers, networks, inventory, and customer base back together. 

Don’t leave your business vulnerable to cyber attacks.

Get a quote for cyber liability insurance from Risk Coverage.

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