One of the biggest risks that unknown and unaware of is cyber risk. The variety of attacks evolves year-after-year as cybercriminals continue to advance their schemes and strengthen their efforts.
2017 marked an alarming statistic from federal agencies, not including the military, reporting 35,277 total cyber security incidents. Are you alarmed yet? Now, add that number to the attacks against non-government businesses and individuals, and you have an even larger problem. There is a clear lack of addressing the issue, along with our national concern, or even awareness – after all, the Government Accountability Office distinctly points out both the US population and government need to worry and do more!
All right, how about we go a step deeper. According to Chubb’s Cyber Risks in Manufacturing Report, 86% if incidents, specifically in Manufacturing, were caused by someone outside of the company (with zero ties to the organization); and, 55% of those compromised corporate servers, therefore stopping business operations. You read that right that is more than half of the time a cyber-incident occurred!
It is our responsibility as risk advisors to help emphasize the crucial need for not just organizations, but individuals as well, to educate and protect yourselves from these threats. There is no “one cure for all,” but a great way to begin taking a step, versus doing absolutely nothing, is looking into cyber insurance as it can begin as a foundational building block in cybersecurity
Horton’s Cyber Risk Advisory Solutions offer more than insurance. We can present strategies to avoid, control, or transfer risks to protect organizations and individuals without disrupting innovation and growth opportunity. Cybersecurity is achievable if an organization’s leaders recognize the risk; make it a priority, and implement the right approach. Do not wait until it is too late.
Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.