Cyber insurance underwriters are focusing more and more on an organization's resilience. The most common definition is the ability of an enterprise to limit the impact of security incidents. (Credit: vectorfusionart/Adobe Stock)
Many small businesses underestimate the potential for cyber risk and have inadequate coverage (or none at all) to protect them from cyberattacks. Ransomware attacks are on the rise and are a serious threat to the nation's economy, infrastructure and national security. In 2020, the estimated cost of ransomware attacks on both public and private institutions in the U.S. was $19.5 billion, according to a report by the U.S. House Committee on Oversight and Reform. The average cost of a data breach, IBM Security reports, increased from $3.86 million to $4.24 million from 2020-2021.
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