Cyber Insurance Claims To Go Up 500% In 5 Years

Why do businesses, consumers, and high net-worth individuals need to protect themselves from future cyber attacks?

Well, here it is all in one chart from Statista, explaining cyber attacks are expected to rise in the coming years. According to the chart, 2022 saw $8.4 trillion dollars lost to cyber attacks. In just five short years, experts are predicting that the cost will be roughly three times that amount to $23 trillion.

Cyber attacks and cybercrime take all kinds of formats. It could be hacking your bank account, exfiltrating data from your computer to blackmail you, executing a ransomware attack, or locking down your server. Sometimes accounts receivable data is swiped, or sensitive information is phished. 

Cyber attacks can be covered in two ways. One way is to buy cyber liability insurance. The other way is to incorporate proper cyber protection methods into your daily routines. The best thing to do is a combination of both cyber liability insurance and proper protection methods. In fact, your cyber liability insurance carrier will likely give you the tools or resources you need for proper cyber protection. Other than having the coverage, another advantage to cyber insurance is the insurance company wants to help you avoid all possible cyber attacks, so they’re a great resource for implementing cyber protection practices. They know all of the different attack vectors and threat levels from an inside perspective and want to help because ultimately, they’d be the ones paying out the claim.

Seeing what could be coming in terms of an increase in cyber attacks, more businesses and individuals will want to keep a close eye on their own cyber safety. 

Don’t leave your business vulnerable to cyber attacks.

Get a quote for cyber liability insurance from Risk Coverage.

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