Six trillion dollars is an unfathomable amount of money—and yet, according to CSOnline, it’s the total predicted cost of cybercrime in 2021. But that's probably not a huge surprise as we read the headlines about government agencies, power grids, corporations and other major entities falling victim to cybercrime almost every day. And as we recently witnessed when a ransomware attack completely shutdown a gasoline pipeline—one incident can cause huge implications for our entire society.
The "big" stories make national headlines, but smaller cyberattacks happen daily, and they can have hugely devastating impacts for their victims. In fact, NortonLifeLock revealed that over the last year, nearly 330 million people across 10 countries fell victim to cybercrime and over 55 million people were victims of identity theft. Despite this increasing threat, most people don’t realize that the information they hold could make them an active target—and that includes the data your insurance agency has access to.
Cybercrime isn't a new concept for you. You've likely even sold or purchased cyber coverage to help protect yourself and your clients from the risks associated with cybercrime. However, that doesn't mean you're necessarily being as proactive as you could be to help combat hackers.
It's important to remember that cyber criminals typically work behind the scenes and their tactics are everchanging, so their moves are easy to miss. That's why it's critical to remain vigilant—and continually follow a few best practices to help avoid becoming a victim yourself.
Watch for red flags, including:
As new cybercrime tactics continue to emerge, more businesses are seen as targets than ever. It’s more critical to educate yourself and get proactive—for the protection of yourself, your insurance agency and each and every client. Together, we can help reduce the success of lurking cybercriminals.