Frightening Cybersecurity Stats to Know

Do hackers and cybercriminals target their victims as sophisticatedly as they execute their attacks? Or does it all go down like a game of Duck, Duck, Goose? In this case, it would be Data, Data, Goose. We wonder…Despite how the evil unfolds, October is Cybersecurity Awareness Month, and 2022 is ripe for a pick-me-up. Let’s talk about cyber stats, what’s going on with premiums, and how this month’s theme should be an everyday thing.

‍

Where Cyber Liability and D&O Meet

Did you know that the average ransom demand has increased by 20% to $1.8 million? Alarmingly, a new business falls victim to ransomware every 11 seconds, with about 40% of victims paying the ransom. However, ransomware is just one aspect of cybersecurity threats. Test your knowledge with our Cybersecurity Stats of 2022 quiz if you're feeling adventurous. Meanwhile, here are some more alarming cybersecurity statistics to consider — ranked from shocking to terrifying: 10. Approximately 65% of companies have over 500 employees who are never prompted to change their passwords. 9. Each week, malware infects more than 18 million websites. 8. Nearly half of all phishing sites now use HTTPS. 7. Email is responsible for delivering 92% of all malware. 6. A malware attack costs companies an average of $2.4 million per incident. 5. When malware strikes businesses, 34% take a week or more to regain data access. 4. Of the organizations that pay the ransom, only 30% recover all their money. 3. Nearly 25% of the c-suite is willing to pay between $20,000 and $50,000 to regain access to encrypted data. 2. Ransomware downtime costs companies around $8,500 per hour. 1. Businesses spend over $75 billion annually on ransomware-related expenses.

‍

Adopt a zero-tolerance policy.

Netflix recently featured an original documentary following a group of cryptocurrency investigators solving a haunting case. Strangely enough, the title is Trust No One: The Hunt for the Crypto King. Adopting a zero-tolerance policy is doing just that: trust no one. Instead of assuming your emails or other platform communications are valid, second guess anything that raises suspicion.

‍

Review cyber liability insurance with a broker.

Commercial insurance brokers have specific roles: they represent the buyer, examining several insurance solutions to find the most customized fit for your company’s needs. Working with a seasoned broker is vital for your coverage to keep pace with your progress. During cybersecurity awareness month is an excellent time to have a meaningful conversation with your broker.