The Expert Podcast

• The cost of cybercrime is projected to nearly triple in the next five years.
• In 2022, the estimated cost of cybercrime was $8.4 trillion, and by 2027, it’s expected to reach $23-24 trillion.
• Five years ago, the cost was barely even a trillion dollars, showcasing the rapid increase in cybercrime expenses.

• Cybercrime damages and cyber liability are on the rise, and businesses need to be prepared.
• If you’re a small or medium-sized business, ensure you have a cyber defense plan, cyber insurance policy, and follow cybersecurity best practices.
• Don’t forget to consider your suppliers and customers, as their systems can also be entry points for cyberattacks.

• Your suppliers and customers might not be the attackers, but if they’re compromised, their breach can spread to your organization.
• Suppliers may have access to your inventory programs, CRMs, and apps, making them potential vectors for cyber threats.

• All your devices, including computers, TVs, routers, hotspots, and smart devices, are connected to the internet and can be targeted.
• A successful attack on any of these devices could lead to a breach within your company.
• Keep track of all devices, including hidden ones, and ensure they are properly secured.

• Have a robust cyber defense plan in place, and consider seeking advice from cyber insurance companies.
• Cyber insurance providers are experienced in dealing with cyber threats and can help you prevent or mitigate damages.

• The risk of cyberattacks has increased dramatically, and the potential damage to your business could be 24 times higher than it was five years ago.
• Don’t become a victim. Take proactive steps to protect your business from cyber threats and avoid being shut down for weeks or months due to a breach.