Guide & Tips

Cyber Insurance: Worth Getting For Your Business?

As businesses continue to store more data on computers and the internet, there continue to be cybercriminals who see opportunities to exploit security flaws.  In 2020, daily ransomware attacks increased by 50%.  Some of the biggest cyber attacks occurred just this year; Colonial Pipeline was the target of the largest attack on a US energy system and Acer reported the largest known ransom demand from a cyberattack, at $50 million.  From 2015 to 2020, ransomware damages increased 7,000-fold, from $24 million to $170 billion. Let’s examine the role of cyber insurance.

A Growing Issue

Why is this problem growing?  Simply put, the opportunities for cybercriminals are everywhere.  By 2023, 5.3 billion people worldwide will have internet access. World data will more than triple by 2022, with half that data stored in the cloud.  When data is shared across apps and between cloud services, it is made more vulnerable to attack.

Read Complete Article Here […]

SocialMediaExperts.com is Available for Purchase. Learn more by clicking the button here:

Get Pricing Info