The Expert Podcast

Wow, cyber attacks are really ramping up at the end of this year, and it's expected that in 2024 they'll be even worse. Cybercriminals are seeing this as a huge opportunity. They're ramping up big-time increases in attacks on big companies, small companies, government agencies, and even nonprofits. They're using some new tools, and they're becoming more organized and sophisticated. One of the things they are doing is using US resources. It used to be that a lot of these came from overseas. Now they're forming shell companies in certain states. Wyoming is one of them, and South Dakota is another one where they're making it appear that the attack or even the communications are coming from the US. It fools a lot of companies into thinking that their connections, their internet traffic, and the emails that they're receiving are US-based. And that's another way to make cyberattacks more successful and more common.

How common is it? Well, one of the fastest-growing jobs right now is that of a cybersecurity consultant. Our firm, on the insurance side and on the cyber defense side, is getting more inquiries and calls now than it has in the last 5 years. It's the fastest-growing division we have, both in cyber insurance and in cyber defense. But there's a shortage of qualified cyber defense agents. So if your company thinks that there might be a risk, either look at hiring some internal staff or look at outside resources because cybersecurity is not going away. These groups are going to continue to add victims to their payroll because that's how they make their money. And you don't want your company to be the one that loses. On average, $540,000 is the average cost of a cyber attack against a small company.