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The COVID-19 pandemic has revealed new cyber threats. Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.
As hackers become more creative, businesses must learn how to protect themselves, their employees and clients against these bad actors. (Photo: Shutterstock)Online theft, fraud and exploitation were responsible for $2.7 billion in financial losses in 2018, according to the FBI’s 2018 Internet Crime Complaint Center’s (IC3) 2018 Internet Crime Report.
The most costly complaints involved business email compromise, a tool used by bad actors to facilitate many types of cybercrime, from misdirected payment and inventory fraud to cyber extortion.
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