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Instant Insights / October is National Cybersecurity Awareness Month

The COVID-19 pandemic has revealed new cyber threats. Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.

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Cyberattacks on public entities. Municipalities and public entities are usually targeted because they provide services to the public, adding pressure to pay the ransom. They also tend to have lower levels of security. (Photo: Shutterstock)

While Jan. 1, 2020, signaled the start of a new decade, it also marked the modern internet’s 37th birthday. Since its conception, the internet revolutionized how the world stayed connected; today, it is virtually intertwined with nearly everything we, as a society, do.

Although the expansion of the internet has benefited the billions of people who use it regularly, it has also resulted in an increase of cyberattacks on individuals, businesses, cities and other public entities that rely on the internet in some capacity. Cyberattacks are nearly as old as the internet itself, but what has changed in recent years is the frequency and costs that arise after such an event. Of the 15 largest data breaches in history, 10 took place in the past decade, according to Business Insider.

Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected]

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