Cybercrime Remains Robust and a Global Threat

Lisa Goth Cyber

According to the 2020 Official Annual Cybercrime Report by Cybersecurity Ventures, cybercrime is the greatest threat to every company in the world. Cyber theft is the fastest growing crime in the U.S. and according to the report, cybercrime damage costs could reach $6 trillion in 2021. Cyber attacks are increasing in size, sophistication, and cost, and nearly half of all cyberattacks are committed against small businesses (250 employees or fewer).

Cybercriminals constantly evolve and transform their tactics, making it difficult for law enforcement to successfully collect evidence, identify and capture the suspect(s), and prosecute all parties involved. Once lone hackers, cyber attackers are now organized gangs. These gangs implement phishing scams, ransomware, and malware, with the motivation of gaining money and information. They are involved in identity fraud, online extortion, credit card fraud, and international money laundering operations. 

Identity theft and data breaches have become the most prevalent types of crime against businesses, overriding physical theft, the most common type of fraud against corporations before 2017. With the growing volume of malicious activity on the internet, cybersecurity is a priority and necessity for all businesses.

 Cybersecurity Is an Ongoing Battle

The rate of internet connectivity is outpacing the ability to properly secure it. The first web site went live in 1991, and now, nearly three decades later, it is estimated there are 1.9 billion websites and 4 billion internet users. The cybersecurity workforce has not grown proportionately with the ever-growing number of individuals and the volume of data in the cyber domain.

Rather than fall victim to cybercriminals and incur the associated costs of damages, you can take measures to mitigate your risks. The easiest and most cost-efficient action is to obtain cybersecurity insurance. Knowing that a cyber attack is an inevitable event, doesn’t it make sense to prepare appropriately?

Approach a potential digital cyber event like preparing for a hurricane, earthquake, or any type of natural or man-made disaster that could create business continuity issues.

Charles Leach specializes in insurance solutions that protect you, your business and your family. They are ready to help: 1-888-275-3224.