Cyber Risk Hell Fire: Don’t Let Your Business Go Down in Flames

Published On: June 23rd, 2021Categories: Commercial Insurance, Cyber Insurance, Newsroom, Risk Management

Cyber risk is a growing threat for businesses.

Cybercrime has spiked during the pandemic. Both the frequency of cyber-attacks and the severity of damage to cyber victims have escalated drastically. We have experienced a 150% increase in ransomware attacks (source: Group-IB report) and a 300% increase in ransom payments (source: Ransomware Taskforce).

In part, this perfect storm is caused by a culmination of related but mutually exclusive factors. These factors include:

  • Certain malware has made leaps in sophistication (think Maze and RYUK) that has led to dual attacks (encrypting data and exfiltrating it)
  • A rise in popularity for entry-level cybercriminals using Ransomware-as-a-Service 
  • An increase in individuals turning to cybercrime as a way to survive in the pandemic
  • Vulnerabilities exposed as companies had to adapt to a remote-working environment quickly

Bryson’s Kyle Paterson expands on this in a webinar hosted by Michael Sugrue, President of PACE Technical. PACE Technical is a full-service managed services provider. They have hosted a variety of important and informative webinars. Check out PACE Technical’s webinar recording library here.

During the webinar, Kyle:

  • reviews real-life cyber incident data on 1500 breaches of small-to-medium-sized businesses over the past year, collected by incidence response firm Arete,
  • shares how cyber insurance is evolving to be a risk management guide 
  • provides the most impactful cyber-safety protocols businesses need to be considering today to rescue their cyber risk exposure.

Kyle also invites you to take on having a discussion with our team about cyber insurance. During the discussion, you will better understand your organization’s primary cyber risk exposures and important coverages to be seeking. We can also indicate premium pricing to get a better idea of how transferring this risk fits in with your budget and business strategy. Continue the conversation by emailing Kyle at kpaterson@brysoninsurance.ca.

 

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Written by:

Kyle Paterson
Kyle has a belief that insurance is a tool when powerfully leveraged best ensures the vision of business leaders and families are realized. Kyle focuses on cyber risk transfer, group benefits, and corporate and individual life insurance solutions.

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