Cyber Considerations In 2021

If you were wondering if cyber exposures were something to be concerned about in 2021, consider this: with the far reaching impacts of Covid-19 and the exponential increase in remote workers, more laptops, potentially less secure networks with less secure hardware cyber attacks are more common than ever before. According to the article written by Kevin LaCroix in the D & O Diary, there was a 40% increase in ransomware attacks in the third quarter of 2020. That equates to 145.2 million ransomware hits in the third quarter alone. One carrier had reported over 100 million in ransomware demands in just September.  If this sounds familiar, this has created a real challenge for network administrators in most all industries. The construction industry is no exception! In fact, construction companies will grow more vulnerable as more technology is being adopted.

Cyber attacks are continuing to evolve and get more sophisticated. Some Cyber carriers offer tools to help in assessing your current computer security, website, etc. and offer data breach cost estimators to determine rough estimates for what a breach may cost your company. According to IBM and the Ponemon Institute, costs remain highest in the U.S., where the average cost of a data breach was $3.86 million.

Cyber Insurance is a growing insurance need and a coverage to be thoughtfully considered. If you have questions and want to further evaluate your exposures and options call INSURICA today.