The Expert Podcast

…It doesn't matter where your company falls on the spectrum of size of revenue or employees cyber risk and cyber protection are going to be key. In the coming years And here's some data that might be of interest to consider. In deciding what steps you're going to take for cyber security or even cyber insurance or cyber liability insurance. And it started calling tech crunch talks about how 2023 will be a big year for cyber security. And here's some facts that are of interest. It talks about why there's an increased, emphasis on cyber insurance you know supply chain. Geopolitical events however, Talks about that. For public companies and this may be the same for private companies. 14 days after a breach becomes public the average share price of a company. under-performs by three and a half percent of the stock exchange. Even more is that businesses accrue more than 50% of damages as long tail cost. 31% of expenses are accrued in the second year and 24%. are accrued more than two years after the breach So just because you've had a cyber breach or security breach and you know maybe months or weeks after that breach, you're not out of the woods yet. Because…the costs of these breaches and the expense. Continues like a domino effect months and months and even years later So as you're considering. Putting together your cyber protection. Profile. Whether it's cyber defense cyber insurance or a combination of the two consider that the costs may extend farther than just the immediate event. And you want to have that taken into account when you put together what your plan is for cyber security.