If you have been following the news since early 2021, you know that one of the hottest issues continues to be the ongoing cyber attacks and ransomware. So far the news has focused on large cases with national exposure, but any disruption to online connectivity and service may be detrimental to many small businesses too.
Ransomware attacks grew by nearly 50 percent in the 2020 second quarter compared to the first three months of the year, according to a recent report by cyber insurance and security firm Coalition. Larger organizations in Coalition’s sample, with revenues of $100 million to $250 million, were five times as likely to experience claims as small organizations, with revenues under $10 million.
Coalition said the growth in the attacks underscores the risks created by pandemic-related work-from-home requirements. As we move forward in these unprecedented times with a much larger workforce working from home and online, be sure to speak with an agent about cyber insurance lines to limit exposure to any major disruption to you and your business. Contact us to talk about your cyber insurance.