It shocks absolutely no one that cybersecurity remains a growing threat to businesses, large and small, and that breaches of that security have increased both in number and in the resulting financial impact.  What may be surprising, however, are statistics compiled by various governmental and industry sources surrounding cybersecurity, including the following:

 

• Cybersecurity remains a priority risk concern among all businesses.
• The three largest areas of concern within the scope of cybersecurity are: falling victim to a security breach, discovering unauthorized access to financial accounts, and suffering an internal system glitch.
• Concerns on the rise among businesses include: outsiders hacking into systems used for business operations, cyber extortion, and questions about having sufficient resources to recover from a cyber event.
• One in five businesses have suffered a data breach or cyber attack over the past year, double the number recorded in 2015.
• 52% of businesses say becoming a cyber victim is inevitable.
• Only 36% of businesses worry about their employees being tricked into transferring funds, despite a 2,370% increase in losses from such scams over the past two years.
• 95% of businesses say their operations depend on computer systems running flawlessly.
• 23% of businesses report that they are unfamiliar with their cyber insurance options.
• 55% of businesses have not done a cyber risk assessment, 62% do not have a business continuity plan, and 63% have not assessed the cyber security of vendors with access to their data – but 91% of these same businesses say they are prepared to weather a cybersecurity event.
• 50% of businesses have not purchased cyber insurance.

 The professionals at The Reschini Group can help businesses across all categories and sizes get a true, accurate, realistic picture of their cyber exposure and fashion an insurance approach to safeguard against attack or malfunction.  Contact us to talk more about your cybersecurity situation.

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Copyright 2019 The Reschini Group The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm. [Sources: 2018 Travelers Risk Index and FBI PSA https://www.ic3.gov/media/2017/170504.aspx]