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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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The pandemic caused a seismic shift to virtual business interactions, creating a hunting ground for cybercriminals looking to take advantage of system vulnerabilities.

Despite growing awareness around cyber threats, Nationwide’s Agent Authority survey indicates that many consumers and businesses are dangerously underprepared to defend against evolving cyber risks. That is more alarming when considering half of cyberattacks are aimed at small businesses, but only 17% of small-business owners reported having cyber coverage in place. On the contrary, 71% of middle-market business owners purchased cyber insurance.

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Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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