In recent years, the digital landscape has grown exponentially.
Consumers are now conditioned to buy and do business online. But as online consumerism increases, so do potential threats against consumer data.
There have been major breaches over the past few years and it’s not just small-to-midsize companies dealing with this trend. Here’s a list of some of the major data breaches since 2020:
- CNA
- Microsoft Exchange
- Colonial Pipeline
- SolarWinds
- Twitch
- Marriot International
- Magellan Health
- Garmin
- MGM Resorts
- Zoom
- Finastra
Believe it or not, the pandemic played a significant role in the rise of cybercrimes. According to the FBI, they were receiving between 3,000 and 4,000 cybercrimes per day – up from 1,000 daily complaints before the COVID-19 pandemic. Industry experts estimate that, in 2021, there were almost six ransomware attacks every minute.
That’s because cyber criminals’ tactics have changed. Instead of targeting thousands of individuals at once, they focus on individual organizations with access to thousands of records of user data.
When many companies transitioned to work from home formats at the height of the pandemic in early 2020, cybercriminals began taking advantage of the weaker, home-office-based systems of employees.
Companies within many industries now need to worry about the heightened cyber threats of today’s digital marketplace. Consumers trust businesses with their personal data, and it is the responsibility of those in charge to make sure that they’re aware of the risks.
With cyber-crimes increasing at a rapid pace, cyber insurance for all businesses is a must. Insurance agencies everywhere should be explaining the clear and present threat their clients are facing. With the proper oversight, information, data, protection, and policies, your clients can rest a little easier. The role of insurance agencies is to help their clients better understand their risk, areas that could be vulnerable to attack, and help them determine the right coverage is for their business.
Cyber security is too important to ignore. If you want to learn more about Zywave’s Cyber OverVue, and how you can get the critical cyber insights your organization needs, visit Zywave.com. And, check out our Cyber Survival Guide to learn about cyber terms, risks, tips, resources, trends, and solutions. We’ll aim to prepare you and your agency to be knowledgeable in a world of unknowns.
