The Expert Podcast

If your company is waiting to do anything about cyber security or cyber insurance because you don't think you're going to have an attack or maybe you've never had an attack, think again. According to this article from Barracuda, almost everyone faced an industrial tackle last year. Major attacks are on the rise and security efforts are continuing to lag. Well, what does that mean? According to the survey, 94% of companies that were surveyed by Barracuda, which is a large security company, found that they experienced some

form of attack on their systems, whether the operational system or IT system, and that was just during the last 12 months. So, it may be higher than that if you go back further. Infrastructure is an attractive target for cyber criminals, but a lot of it goes beyond just infrastructure; it goes to companies. So no matter what kind of company you have, whether you know it or not, you probably had an attack on your business within the last year.

Now, why don't you know about it? Well, they may not have done anything yet with it sometimes. These companies infiltrate your system, exfiltrate all your data, all your records, and they sit on it for a while. Sometimes it's to let it become more valuable. Sometimes it's because they're working on other cases. They download information from hundreds or thousands of companies and they pick through them one at a time to do ransomware, to do attacks, to release the data to third parties. So you may not even know that it's happened until they contact you. Sometimes it's because they're getting ready to lock down your system.

But they only can do so many. Just like you, you have a certain number of projects you can work on in your company. The hackers can only work on so many projects too. So whether or not you solve your cyber security problem by doing prevention or by having insurance—or really, the preferred method is to do both—you should assume that your company has already been hacked and you want to take efforts to keep that hack from causing you damage and preventing it from getting worse than it is.