The Expert Podcast

Why do businesses, consumers, and high-net-worth individuals need to protect themselves from cyber attacks in the future? Well, here it is all in one chart. The cost of cybercrime worldwide is going to go up exponentially. You know, right now we're at this 2022 level, which is 8.4 trillion dollars. In just five short years, it's going to be roughly three times that, right? It's going to triple, and that's a big jump from even what it was two years ago. So, you went from roughly 3 trillion to 8 trillion in two years. Now, you're going to go from 8 to 23 trillion.

This cybercrime takes all kinds of formats. It could be hacking your bank account. It could be getting data from your computer, which is used to blackmail you, or doing different types of ransomware. If you're a company, it could be locking up your server so you don't have access to your accounts receivable, to your customer files, or to your employee files. Many times, it has to do with doing Bitcoin scams to embezzle money from your company.

This can be covered in two ways. One is that you can buy cyber liability insurance. Another way to do it is to put proper cyber protection methods into your daily routines, and they're not really hard. It doesn't change your ongoing operations. Obviously, the best thing to do is do the cyber defense and cyber protection within your company and then also get insurance. In fact, if you have cyber liability insurance, your insurance carrier is probably going to give you all of the different methods to do proper cyber protection in your company.

The advantage there is that they know all of the different attack vectors and threat levels that are nationwide, worldwide for that matter, where your company may only have an IT person that knows some basic cyber protection prospects or methods that apply to your particular business or your industry. But the insurance companies see it all because they have to pay out the claims. So, they see every single type of attack, and they can help you protect against that.

Seeing what's coming here, you know you're going from 8.4 trillion to 23 trillion in cybercrime. That's going to be something that's going to affect most businesses, consumers, or family offices in the coming years.