The Expert Podcast

• Businesses, consumers, and high-net-worth individuals are facing an increasingly urgent need to shield themselves from cyber attacks. The escalating threat is vividly illustrated in a single chart, projecting a staggering rise in global cybercrime costs.

• Currently, in 2022, the global cost of cybercrime stands at a daunting $8.4 trillion. However, projections indicate a dramatic escalation. Within merely five years, this figure is set to triple, reaching an alarming $23 trillion.

• Cybercrime manifests in myriad forms, ranging from bank account breaches to data exfiltration for blackmail or ransomware schemes. Companies face the peril of server lockouts, hindering access to crucial financial, customer, and employee data. Furthermore, schemes like Bitcoin scams pose significant risks of embezzlement.

• Businesses and individuals have two primary avenues for safeguarding against cyber threats: 
  • Cyber Liability Insurance: Purchasing cyber liability insurance provides financial protection against potential losses incurred due to cyber incidents.
  • Implementing Cyber Protection Practices: Integrating effective cyber protection protocols into daily operations constitutes another vital defense strategy. These measures are not excessively complex and can be seamlessly integrated into existing workflows.

• The most effective defense involves a combination of internal cyber protection measures and securing cyber liability insurance. Insurance carriers, well-versed in diverse cyber threats and attack vectors, offer invaluable guidance on bolstering defenses tailored to specific business needs.

• Insurance providers possess comprehensive insights into evolving cyber threats derived from their extensive claims data. Leveraging this expertise equips businesses with proactive defense mechanisms against emerging cyber risks.

• With cybercrime costs projected to skyrocket from $8.4 trillion to $23 trillion, it's evident that cybersecurity concerns will impact virtually every business, consumer, and family office in the foreseeable future.