Home

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.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
According to research by Cyber Security Magazine, 43% of all data breaches involve small and medium-sized businesses. (Photo: Gorodenkoff Productions OU/Adobe Stock) Research from Cyber Security Magazine found that 43% of all data breaches involve small- and medium-sized businesses. (Photo: Gorodenkoff Productions OU/Adobe Stock)

The ever-escalating frequency and severity of cyberattacks are becoming impossible to miss, with this year seeing mega breaches and record-breaking ransomware demands. These included attacks on the Colonial Pipeline Company, JBS US, and Ireland’s Health Service Executive — events estimated to have cost each tens of millions of dollars, with the final total possibly reaching even higher.

Such attacks reflect the increasing experience of highly organized criminal groups, which have attained levels of sophistication matching those of any large tech company or law enforcement agency. According to McAfee’s “Hidden Cost of Cybercrime” report, when the cumulative financial burden of cyber incidents is added to the investment made in security measures, the total cost of cybercrime worldwide was more than $1 trillion last year. This means cybercrime is currently costing over 1% of global GDP, a significant increase from McAfee’s 2018 estimate of approximately $600 billion.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.