How Common Are Cyber Attacks?

If your company is waiting to do anything about cyber security or cyber insurance because you don’t think you’re going to have an attack, or maybe you’ve never had an attack, think again. 

According to this article from Barracuda, almost everyone faced an industrial attack within the last year. Major attacks are on the rise and security efforts are continuing to lag. Well, what does that mean? According to their survey, 94% of companies surveyed by Barracuda, which is a large security company, found that they experienced some form of attack on their systems. Whether on their operating system or IT system, and that was just during the last 12 months. So they may be higher than that if you go back farther. 

Infrastructure is an attractive target for cybercriminals, but a lot of it goes beyond just infrastructure. It goes to companies. So no matter what kind of company you have whether you know it or not you probably had an attack on your business within the last year. 

Now, why don’t you know about it? Well, they may not have done anything with it. Sometimes these companies infiltrate your system, exfiltrate all your data all your records, and then sit on it for a while. Sometimes they let it become more valuable. Sometimes it’s because they’re working on other cases, they download information from hundreds or thousands of companies and they pick through them one at a time to do ransomware attacks or to release the data to third parties. So you may not even know that it’s happened until they contact you, sometimes they’re getting ready to lock down your system but they only could do so many. Just like you, you have a certain number of projects you can work on in your company. The hackers can only work on so many projects too. 
So whether or not you solve your cyber security problem by doing prevention or by having cyber insurance, or really the preferred method is to do both, you should assume that your company has already been hacked. And you want to take efforts to keep that hack from causing you damage and preventing it from getting worse than it is.


Looking for more information?

A cyber liability policy can help cover your business and keep you updated with industry tips like this one. Get in touch with us today to learn more about cyber liability insurance coverage, or set up a no-obligation consultation with a commercial lines expert through TelaClient.com.

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