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.
About the Author
Share This Story
Related Blogs
Form 5500 Filing Season: What Employers Should Review Before July 31
As mid-year approaches, employers sponsoring benefit plans should begin preparing for upcoming Form 5500 filing obligations. For many calendar-year plans, Form 5500 filings are due by July 31, making June an ideal time to confirm whether filing requirements apply and ensure needed information is being gathered.
Pharmacy Costs Are Surging Again — What Employers Can Actually Do in 2026
Pharmacy spending is once again the fastest growing component of employer health plans. Specialty drugs now account for more than half of total pharmacy spend, and GLP 1 medications for diabetes and weight management are reshaping budgets. Employers are feeling the pressure: rising premiums, unpredictable claims, and employee expectations for access to high cost therapies.
Self Funding for Small and Mid Sized Employers: Why 2026 Is the Breakout Year
Self funding is no longer just for large employers. In 2026, small and mid sized businesses are embracing level funded and partially self funded plans at record rates. Rising premiums, greater access to stop loss coverage, and improved data analytics are making self funding a viable option for groups as small as 25–50 employees.